Trident BUS530 Module 3 Discussion Latest 2019 January Question # 00598362 Subject: Education Due on: 02/20/2019 Posted On: 02/20/2019 09:44 AM Tutorials: 1 Rating: 5.0/5
BUS530
Managerial Economics
Module 3
Discussion
Oligopoly and Game Theory
ou may have noticed the discussion in Taylor (2014) at the
end of Chapter 10 about oligopoly and the prisoner’s dilemma. The prisoner’s dilemma is an example of game
theory. A “game” is like a board game,
as your optimal move depends on what your opponent does. The same holds in oligopoly, as your own
decisions as to what price to charge or how much to produce depend on what your
competitors do.
Take a look at the following video that tries to illustrate
oligopoly and game theory through a Batman movie:
https://www.youtube.com/watch?v=JMq059SAQXM
Find one other YouTube video on game theory and share the
link with your classmates. Then discuss
the following issues:
Did the Batman video or the other video you found help
explain the concept of game theory? Or
was it just silly?
Besides oligopoly, can you think of any other situations
that game theory is useful for? This can be situations in the business world,
in your own workplace, or even something you saw in a movie or TV show.
What do you find easier to follow – the game theory matrices
or the math equations/computations that you’ve used in this class?
Finally, watch some of the game theory videos that your
classmates found and give your comments on these videos.
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