Oligopoly and Game Theory
Discussion 3
Oligopoly & Game Theory
In simple terms, game theory is all about strategic interactions and predicting outcomes. Put that together with an oligopolistic market and you have got economists excited and ready to run scenarios. Luckily, game theory has applications beyond oligopoly.
Discussion Post 1:
Based on the resources provided or your research, provide a compelling argument about how game theory can be used in your career or profession. (Research Support Required)
This post should be 2 paragraphs (150-200 words). Since you are engaging in research, cite in the body of the post and add a reference list in APA format.
Collusion & Game Theory
Employing economic concepts at a professional level should be a goal. Learning about theories is made more valuable when applications are involved.
Discussion Post 2:
Based on your research, present a news article that discusses collusion and game theory. Provide a brief description. Rate the ease of understanding of the article's content. (Research Support Required)
Be sure to provide a hyperlink to the article. Do not use the examples provided.
This post should be 2 paragraphs (150-200 words). Since you are engaging in research, cite in the body of the post and add a reference list in APA format.
Discussion 4
Politics & Economy
Most people do not consider how closely economics and politics are linked. News reports often discuss partisan politics and proposals about spending, taxing, and what projects to support. Many Americans do not put it all together or understand the underlying principles.
Discussion Post 1
Based on the resources provided and your research, discuss how politics and economics impact decision-making in the workplace. (Research Support Required)
This post should be 2 paragraphs (150-200 words). Since you are engaging in research, cite in the body of the post and add a reference list in APA format
Political Economy of Coronavirus
Whether we focus on the United States or the world, nearly everything having to do with the pandemic has connections with politics and economics. Experts will be studying it for years to come, and media outlets ensure unending coverage in the foreseeable future. How much do you understand about relationships concerning COVID-19 and politics/economics?
Discussion Post 2
Based on the resources provided and your research, pick an example of how politics and economics touched an event or issue involving the pandemic. Consider using an example that is in your discipline or one that affects you personally. (Research Support Required)
This post should be 2 paragraphs (150-200 words). Since you are engaging in research, cite in the body of the post and add a reference list in APA format.
Oligopoly & Game Theory
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Oligopoly and game theory
Game theory is a crucial concept in economics, which deals with analyzing strategic interactions and predicting outcomes. In the context of oligopoly, game theory helps in evaluating how firms can influence market outcomes through their actions. In addition to oligopoly, game theory finds practical applications in marketing as well. As a marketer, I can take advantage of game theory to comprehend consumer behaviour and make strategic decisions based on my competitors' actions. With the help of game theory, I can assess how my competitors will respond to various marketing strategies, which will enable me to determine the most appropriate course of action.
Singh et al.'s study (2018) suggests that game theory can help marketers evaluate the impact of different pricing strategies on market share. In addition, game theory can aid in identifying the most effective marketing strategy in a highly competitive market where numerous firms are vying for market share. Marketers can make better-informed decisions by using game theory to anticipate their competitors' reactions to various marketing strategies. In essence, game theory is a crucial tool for marketers who want to make strategic decisions based on their competitors' actions.
The Bloomberg Law article titled "Banks Face First U.S. Suit on Basis of Game Theory" reports on the lawsuit filed by U.S. regulators against JPMorgan Chase & Co. and Citigroup Inc. for allegedly conspiring to fix prices in the foreign exchange market. The argument presented by regulators is founded on game theory, a field of economics that explores how strategic interactions among players in a market can produce specific outcomes.
The article explains that game theory can demonstrate that the banks’ behaviour was not the result of independent decision-making, but rather collusion. When players in a market can coordinate their actions, they can sometimes achieve better outcomes by working together than they would by competing against each other. In this case, the regulators allege that the banks coordinated their trading strategies to manipulate prices in the foreign exchange market.
The article uses real-world examples to make the content more accessible to readers without an extensive background in economics. The author provides a clear and concise explanation of how game theory applies to the case at h...