Game Theory and Oligopoly Behavior
Application of game theory concepts, such as the Prisoner's Dilemma, to understand strategic decision-making and outcomes in oligopolistic markets.
Key Questions
- Explain how the Prisoner's Dilemma illustrates the challenges of cooperation in an oligopoly.
- Predict the likely outcomes of price wars and non-price competition in an oligopoly.
- Evaluate the effectiveness of different strategies firms can employ to achieve stable outcomes in an oligopoly.
National Curriculum Attainment Targets
Suggested Methodologies
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