Class Notes (835,867)
Canada (509,453)
Economics (298)
ECON 1000 (235)
Nick Rowe (65)
Lecture 23

ECON 1000 Lecture 23: Week 12

2 Pages
Unlock Document

ECON 1000
Nick Rowe

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
More Less

Related notes for ECON 1000

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.