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Nineteenth century French economist attributed with the introduction of the theory of profit maximizing producers. In his masterpiece, The Recherches, published in 1838, Cournot presented his idea of oligopoly, monopoly, and ideal competition. In demonstrating the equilibrium of his oligopoly game, Cournot introduced a form of best-reply dynamics; in which each firm decide the quantity that maximizes its profit in answer to the total industry output of the earlier period.
Combining Simultaneous and Sequential Moves The material in this chapter covers a variety of issues that require some knowledge of the analysis of both sequential- move
(a) Equilibrium payoffs are (1, 0). Player A’s equilibrium strategy is S; B’s equilibrium strategy is “t if N.” For (a): Player A has two strategies: (1) N or (2) S. P
Yankee auction typically implies a multiunit discriminatory English auction. not like a Vickrey auction where every winning bidder pays identical worth for every unit, in a very ya
Consider two quantity-setting firms that produce a homogeneous good. The inverse demand function for the good is p = A - (q 1 +q 2 ). Both firms have a cost function C = q 2 (a
Rules of Snake Eyes (small variation on game called Craps in USA) Player rolls two dice. On the first roll if the total of the dice is 2 (snake eyes): player wins and rece
The Cournot adjustment model, initial proposed by Augustin Cournot within the context of a duopoly, has players choose methods sequentially. In every amount, a firm selects the act
The notion that those that don't contribute to some project might nevertheless get pleasure from it (free riders), evidenced in games like the tragedy of the commons and public pro
Stanley is auctioning an item that he values at zero. Betty and Billy, the two potential buyers, each have independent private values which are drawn from a uniform distribution, P
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A market mechanism during which an object, service, or set of objects is being purchased, instead of sold, to the auctioneer. The auction provides a selected set of rules which wil
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