Managerial Economics - Oligopoly and Game Theory

Description

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.