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Case Study#1/Game Theory
TimeMagazine and Newsweek are twocompetingnews magazines.Suppose thateach companychargesthesame$5.00pricefortheirmagazines. Eachwantstomaximizeits salesgiventhe$5.00price.Eachweek,therearetwopotentialcoverstories. Oneison politics. Theotherisontheeconomy.Salesofbothcompaniesareaffectedbythe decisions on which storyto placeon their covers. The two magazines make this decision independentlyand atthesame time.
Theresultingsales forthetwocompanies are given in thefollowingtable:
TimeCover
Newsweek Cover
TimeSales
(Thousands ofdollars)
NewsweekSales
Politics
400
150
Economy
700
200
300
A.Constructa diagram thatshows thepayoffstothetwofirms.
B.Whatis theNash equilibrium in thisgame?
C.Doeseitherorbothofthemagazineshaveadominant(optimal)strategyinthis game?
D.Supposethatthesamepublishingcompanyownsbothmagazinesthatmaximize thecombinedprofitsofthemagazines.Willthecompanymakethesamechoice
as in thenon-cooperativegame?
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