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Managerial Economics (Chapter 10 Bis) Game Theory

Managerial Economics (Chapter 10 Bis) Game Theory

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Published by: api-3703724 on Oct 14, 2008
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Chapter 10
Game theory and strategic
Game Theory

\u2022Game theory was pioneered by the
mathematician John Von Neumann and
the economist Oskar Morgensten in 1944.

\u2022It is an instrument used to analyze
cooperation and conflicts between firms in
oligopolistic markets.

\u2022In general, game theory is concerned with
the choice of the best or optimal strategy
in conflict situations.


\u2022Game theory can help a firm determine
the conditions under which lowering its
price would not trigger a ruinous price war.

\u2022Game theory would help us understand why cheating leads to the collapse of a cartel.

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