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11A Appendix
Monopolistic Competition and Oligopoly
McGrawHill/Irwin Copyright © 2012 by The McGrawHill Companies, Inc. All rights reserved.
Additional Game Theory Applications
• Game theory explains mutual interdependence and strategic behavior
• Collusion is beneficial to participants •Reduced uncertainty
•Increased profits •May block entry
LO8 11App-2
A OneTime Game: Strategies
• A one-time game
• A simultaneous game • A positive sum game
• A firm’s dominant strategy
LO8 11App-3
A OneTime Game: Strategies
• Nash Equilibrium
•Outcome from which neither firm wants to deviate
•Current strategy viewed as optimal •Stable and persistent outcome
LO8 11App-4
A OneTime Game
Dramco’s Price Strategy
•2 competitors
•2 price strategies •Each strategy
International
A $11
National
B $5
has a payoff $11 $20
matrix •Independent
actions stimulate
C $20 D $17
a response $5 $17
LO8 11App-5
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