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BU / Economics / EC 101 / What is the study of how people behave in strategic situations?

What is the study of how people behave in strategic situations?

What is the study of how people behave in strategic situations?

Description

School: Boston University
Department: Economics
Course: Principles of Economics: Microeconomics
Professor: Edson
Term: Fall 2016
Tags: Microeconomics
Cost: 25
Name: Principles of Microeconomics, Chapter 17
Description: These notes cover what we got to on the slides and i also made sure to take notes in the book up until what the teacher covered in class
Uploaded: 12/12/2016
4 Pages 159 Views 2 Unlocks
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Chapter 17 : Oligopoly Don't forget about the age old question of mth 311

Vocabulary

  • Oligopoly:​ ​only a few sellers so, as a result, the actions of any one seller in the market can have a large impact on the profits of all the other sellers
  • Game theory:​ the study of how people behave in strategic situations
  • Duopoly:​ An oligopoly with only two members
  • Collusion:​ companies get together and agree on price/output
  • Cartel:​ a group of firms acting in unison
  • Nash Equilibrium:​ a situation in which economic actors interacting with one another each choose their best strategy given the strategies others have chosen
  • Prisoner’s Dilemma:​ have to choose whether to cooperate or pursue own self-interest without knowing the other party’s intentions
  • Dominant Strategy:​ the best strategy for a player to follow regardless of the strategies pursued by other players

We also discuss several other topics like merchandising conglomerates

Main Ideas

  • Key feature of oligopoly is the tension between cooperation and self-interest
  • Once a cartel is formed, the market is in effect served by a monopoly
  • Cartel must not only agree on total production units but also on the amount produced by each member
  • If duopolists individually pursue their own self-interest when deciding how much to produce
  • They produce a total quantity greater than the monopoly quantity
  • Charge a lower price than monopoly price
  • Earn total profits less than a monopoly
  • Output effect → because price is above marginal cost, selling one more unit will raise profit
  • Price effect → raising production will increase amount sold, lowering price
  • As the number of sellers in an oligopoly grows larger, an oligopolistic market looks more and more like a competitive market
  • For prisoner’s dilemma, both companies would be better off choosing the cooperative option, but instead each pursues what is best for their own self-interest as a guarantee at least they’ll get some profits; profits wouldn’t be as high as they would be if they agreed to cap the production off at a certain point

We also discuss several other topics like Neurons communicate with one another by what?

Don't forget about the age old question of What is the pathway for hearing?
Don't forget about the age old question of What translates to friend of the court?

We also discuss several other topics like in which of tuckman's group development stages do members disengage and relinquish responsibilities?

Lecture - Chapter 17: Oligopoly

  • Oligopoly
  • Only a few sellers
  • offer similar / identical products
  • interdependent

  • Game Theory
  • How people' behave in strategic situations
  • choose among alternative courses of action.
  • must consider how others might respond to the action he takes

  • Small group of seller
  • tension between cooperation and self-interest
  • best of cooperating
  • Acting like a monopolist
  • Produce a small quantity of output

  • Duopoly
  • oligopoly with only two members
  • cartels form
  • Decide what quantity to sell
  • Price determined by demand

  • Nash equilibrium
  • economic actors interacting with one another
  • each chooses their best Strategy

  • Oligopolists
  • better off cooperating and reaching the monopoly outcome

  • Dominant strategy: Strategy that is best for a player in the game.
  • tend to break Collusive agreement because unsure of the other "player’s" decision.

  • Game of repeated prisoners' dilemma
  • repeat the game
  • hand to maintain cooperative ap agreements

VS

  • 1 period (time) game → never see the player again
  • multi-period / repeated games → constantly see the same player

  • Repeated prisoners dilemma (continued)
  • agree on penalties if one cheats
  • both have incentive to Cooperate

  • Public policy toward Oligopolies
  • Antitrust laws
  • government intervention can improve market outcomes

  • Controversies of antitrust policies
  • used to condemn some business practices whose effects are not obvious
  • resale price maintenance
  • predatory pricing
  • tying

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