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Nineteenth century French economist attributed with the introduction of the theory of profit maximizing producers. In his masterpiece, The Recherches, published in 1838, Cournot presented his idea of oligopoly, monopoly, and ideal competition. In demonstrating the equilibrium of his oligopoly game, Cournot introduced a form of best-reply dynamics; in which each firm decide the quantity that maximizes its profit in answer to the total industry output of the earlier period.
Consider two quantity-setting firms that produce a homogeneous good. The inverse demand function for the good is p = A - (q 1 +q 2 ). Both firms have a cost function C = q 2 (a
Limitations of game theory in finance
The following is a payoff matrix for a non-cooperative simultaneous move game between 2 players. The payoffs are in the order (Player 1; Player 2): What is the Nash Equilibri
Two people are involved in a dispute. Person 1 does not know whether person 2 is strong or weak; she assigns probability to person 2 being strong. Person 2 is fully informed. Each
(a) A player wins if she takes the total to 100 and additions of any value from 1 through 10 are allowed. Thus, if you take the sum to 89, you are guaran- teed to win; your oppone
Rules of Snake Eyes (small variation on game called Craps in USA) Player rolls two dice. On the first roll if the total of the dice is 2 (snake eyes): player wins and rece
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Explain oligopoly's structure and use game theory to explain why oligopoly firms tend not to use price to compete. Answer- Oligopoly is an imperfect market where there are
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