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Essay / Research Paper Abstract
This 3-page paper attempts to determine how game theory can be applied to an oligopoly situation. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: D0_MTgamemgmt.rtf
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Unformatted sample text from the term paper:
or results, with respect to preferences of those players (Game Theory, 2006). The kicker, however, is that those outcomes might not have been intended by any of the players.
Though game theory tends to be used in philosophical or educational settings, one can also use game theory to determine rival firm
reactions in a competitive market. In other words, game theory (in theory) can be used to help determine how people interact and make decisions (Game Theory, 2009). Game theory also
points out that each persons behavior (or decision) can impact another persons outcome (Game Theory, 2009). However, to apply game theory to
any kind of management or economic model, there are certain assumptions that need to be made. First, we need to assume that people (and entities) behave rationally; in other words,
they will take action or make decisions to help raise their level of happiness, or contentment (Game Theory, 2009). We also need to assume that people dont have a problem
elevating their own happiness at someone elses expense (Game Theory, 2009). Second, there is also the assumption that everyone in the mix has access to the same information that will
boost their happiness (Game Theory, 2009). The standard economic theory of supply and demand makes a pretty good backdrop for the idea
of game theory. If the market, for example, is inelastic, it means that a company that changes its prices will spark an answering action from another company. Airlines do this
all the time - when one company lowers its price, others are sure to follow. How does this work in an oligopolistic
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