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Lecture 23

ECON 1000 Lecture 23: Week 12

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Department
Economics
Course
ECON 1000
Professor
Nick Rowe
Semester
Fall

Description
Econ 1000 – Week 12 Lecture 23  Oligopoly:  Prisoners’ Dilemma: o Game Theory: a way to study human relations  Cuts across disciplines  A way of thinking of human interactions by identifying players, their objectives, choices of moves and how the game plays out as they make their moves.  Can be used for economics.  Dominant strategy: in game theory when one thing that is best to do regardless of other variables.  Nash Equilibrium: 2 players; a pair of strategies, 1 choice for each, such that if one chooses the Nash equilibrium then the other will rationally choose the Nash equilibrium point for them and vise versa.  Making this choice causes the most efficient outcome.  Can use the prisoners’ dilemma for oligarchies.  Yes in oligarchy, both competing firms could be selfish and charge as they wish but if they work together to influence specific market outcomes both parties can profit.  If they don’t work t
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