oligopoly Tag

The simple prisoner’s dilemma

Game theory is an area of Economics that is increasingly used to explain many situations where strategic thinking and action is involved. It is “the formal study of decision-making where several players must make choices that potentially affect the interests of the other players” (von Stengel & Turocy). It is an area study which has led to …

Oligopoly and the Kinked-demand curve

During our studies of market structures we have come across oligopolies. We have found that in this form of structure there can be both collusive and non-collusive markets. It is important to remember that this means that we also have more than one model to help us explain and analyse this form of structure. We …