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In what ways is game theory of use in analyzing the behaviour of firms in an oligopolistic market?
Title: In what ways is game theory of use in analyzing the behaviour of firms in an oligopolistic market?
Category: Business & Economy / Economics
Details: Words: 1833 | Pages: 7.8 (approximately 235 words/page)
In what ways is game theory of use in analyzing the behaviour of firms in an oligopolistic market?
An oligopolistic market is a market dominated by a small number of participants who are able to collectively exert control over supply and market prices. A recurrent theme of oligopoly theory is whether prices are determinate with oligopolistic interaction. *A number of interesting new developments on the oligopoly front can be traced back to Stigler (1964) who examined the relationship between collusion and the information structure of an oligopolistic market. He argued that the basic problem …showed first 75 words of 1833 total…
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…showed last 75 words of 1833 total…it the ideal product for cartelization. (*source from http://www.ssc.upenn.edu /polisci/psci260/OPECweb/OPECHIST.HTM)
Bibliography
Oligopoly Pricing, Old Ideas and New Tools - Xavier Vives (1999), The MIT Press
Oligopoly, Competition and Welfare - P.A. Geroski, L. Phlips, A. Ulph (1985), Basil Blackwell
The Theory of Games and Markets - J. Rosenmuller (1981), North Holland
Introduction to Industrial Organization - L.M.B Cabral (2002), The MIT Press
http://www.ssc.upenn.edu/polisci/psci260/OPECweb/OPECHIST.HTM
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