Managerial Economics - Oligopoly and Game Theory
Study oligopoly and game theory with this free online course to understand the behaviour of different economic markets.Publisher: NPTEL
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This course kicks off by analyzing oligopoly, which is a market with few sellers, none of which can keep the others from having significant influence on buyers or market conditions. You will learn about the behaviour of firms within an oligopolistic group, seeing how collusive oligopoly differs from non-collusive oligopoly. The material uncovers the various models within each grouping and unravels price leadership within a collusive oligopoly.
As you work through the course, you will also be taught about game theory for economics, which uses mathematical probabilities to try and predict outcomes: how individuals or businesses make decisions when they are aware that their actions affect each other. The strategy proposed by mathematician John Forbes Nash will be highlighted, along with the eponymous Nash equilibrium. The course addresses the Prisoner’s Dilemma, a particular theoretical game between two captured prisoners, to illustrate the difficulty of predicting co-operation, even when it may be in all parties’ best interests.
Oligopoly and financial game theory, two important concepts in managerial economics, are the thrust of this specialist course which will be of great interest to managers making high-level strategic decisions in businesses. Students specializing in economics and commerce will also find the course particularly interesting and useful. Why wait: start this course now and gain a better understanding of oligopoly and game theory in the field of managerial economics today.Start Course Now
Oligopoly – Learning Outcomes
Introduction and Characteristics of Oligopoly
Non-Collusive Oligopoly Models
Market Sharing Cartels
Oligopoly – Lesson Summary
Oligopolistic Game Theory
Oligopolistic Game Theory – Learning Outcomes
Introduction to Game Theory
Game Theory Strategies
Types of Games
Oligopolistic Game Theory – Lesson Summary
Upon successful completion of this course, you will be able to:
- Define 'oligopoly'
- Contrast non-collusive oligopoly and collusive oligopoly
- List the various oligopolistic models
- Contrast Cournot’s model to Stackelberg’s model
- Describe a market-sharing cartel
- Discuss price leadership
- Define 'game theory'
- Discuss the Prisoner's Dilemma
- Explain the application of game theory in economics
- List the assumptions of game theory
- Discuss the strategies of firms
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