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Oligopoly and Game Theory. HUGO SONNENSCHEIN. Oligopoly theory is concerned with market structures in which the actions of individual firms affect and are affected by the actions of other firms. Unlike the polar cases of perfect competition and monopoly, strategic issues are fundamental to the study of such markets.
6 Νοε 2000 · Chapter 9 extends the model of a strategic game, and Chapter 10 extends the model of an extensive game. The chapters in Part III cover topics outside the basic theory. Chapters 11 and 12 examine two theories of the outcome in a strategic game that are alternatives to the theory of Nash equilibrium.
In this paper, I illustrate an extension of Smale's analysis of the repeated prisoner's dilemma with imperfect recall to a dynamic Cournot duopoly game in which firms have bounded memory and...
Cournot Competition: Summary. Cournot Nash (q 1, q 2): Firms compete in quantities, i.e. Firm 1 chooses the best q. 2 and Firm 2 chooses the best q. given. given q 1 Bertrand Nash (p 1, p ): Firms compete in prices, 2 i.e. Firm 1 chooses the best p. given p. and Firm 2 chooses the best p given p. 2 1.
In economic analysis, game theory has been very useful in two branches: the study of market forms different from perfect competition and monopoly, and the study of the interaction between coalitions in complex organizations, such as multinational firms.
Game Theory •So far, we have analyzed strategic decisions in a duopoly. •Those decisions are said to be “strategic” because they depend on what others do. •In our duopoly example, firm A broke the deal, then firm B reacted, then firm A reacted again… and they finally reached an equilibrium.
In an oligopoly, it is assumed that there are several firms, which produce a product and the price of the product depends on the quantity produced. Examples of oligopolies include large firms in computer, automobile, chemical or mineral extraction industries, among others.
