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Game Theory


The classic game is the Prisoners’ Dilemma - this is shown in the tables below:


A range of oligopoly games have been developed in recent years.  Game theory can be applied to both price and non-price competition within an oligopoly, e.g.,

  • Spend huge sums on an advertising campaign against rival firms?
  • Enter a price war or keep prices constant
  • Engage in costly research and development or not.


Game theory by Chris Price and Dominic Legg



E-mail Steve Margetts