Recursive competitive equilibrium

Recursive competitive equilibrium is like a game that people play to find out how to make the best choices. It works like this: first, everyone decides what is their best choice for the first turn. Then, based on what everyone else chose, everyone decides what the best choice would be for the second turn. They keep doing this until everyone has a good idea of what the best choice should be for all of the turns. This way, everyone gets the best deal possible.