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Unformatted text preview: -problem: how do you know what define leader? Its not so accurate!!!-Oligopoly Game Theory-Game Theory : (4 elements) 1. Players: who are decision makers. 2. Strategies: course of actions open to player in a game. (could be simple or complex) 3. Payoff: returns to the players of a game for each possible combination of strategy. 4. Outcome: result of the game-Nash Equilibrium : A game is in equilibrium if each players strategy is the best one (optimal) given the other players strategy.-In a Nash Equilibrium, no player has the incentive to deviate....
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- Spring '09
- for got