BUS 530 Week 3 Discussion 1| Assignment Help | Trident-university
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- 31 Jul 2020
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BUS 530 Week 3 Discussion 1| Assignment Help | Trident-university
Discussion:
Oligopoly and Game Theory
Discussion Topic
You 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 Clifford, Jacob. (April 27, 2014).
Oligopolies and Game Theory- EconMovies #8: The Dark Knight. 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:
o
o Did
the video or the other video you found help explain the concept of game
theory? Or was it just silly?
o 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.
o 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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