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What are the important forms of product differentiation?
There are three significant forms of product differentiation, which are:
1. Differentiation through style or type – Sedans verses SUV’s
2. Differentiation through location – Dry cleaner near home verses cheaper dry-cleaner far away
3. Differentiation through quality – Ordinary ($) verses gourmet chocolate ($$$)
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
WHAT IS DYNAMIC GAME MODEL
A sub game excellent Nash equilibrium is an equilibrium such that players' methods represent a Nash equilibrium in each sub game of the initial game. it should be found by backward
A non-credible threat may be a threat created by a player in a very Sequential Game which might not be within the best interest for the player to hold out. The hope is that the thr
For the section on dynamic games of competition, you can begin by asking if anyone in the class has played competi- tive tennis (club or collegiate or better); there is usually one
Limitations of game theory in finance
Two individuals, Player 1 and Player 2, are competing in an auction to obtain a valuable object. Each player bids in a sealed envelope, without knowing the bid of the other player.
A bidding increment is defined by the auctioneer as the least amount above the previous bid that a new bid must be in order to be adequate to the auctioneer. For example, if the in
A sequential game is {one of|one among|one in all|one amongst|one in each of} excellent data if just one player moves at a time and if every player is aware of each action of the p
Identification is a problem of model formultion, rather than inf nlnde! estimation or appraisal. We say a model is identified if it is in a unique statistical form, enabling unique
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