2 - Announcement Economics 121B Industrial Organization...

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1 Economics 121B Industrial Organization Fall 2009 Joonsuk Lee epflee@ucdavis.edu Week 2: Oligopoly and Collusion 2 Announcement ! Practice Midterm 1 is available at MyUCDavis ! Answer Keys for this will be posted on October 16, Friday ! Problem Set 1 is due on October 14, Wednesday ! Midterm Exam 1 : October 21, Wednesday at 9:00 am ! Week 2 Reading ! Monday: pp. 101-113, 116-121 ! Wednesday: pp. 128-134 ! Friday: pp. 134-140 3 This Week ! Introduction to Game Theory (from Week 1 slides) ! Prisoners’ Dilemma ! Oligopoly Models ! The Cournot Model and the Bertrand Model ! Collusion (from Week 2 slides) ! Collusion and Repeated Games ! Price Fixing Cases ! Antitrust Law and Policy 4 The Advertising Game Revisited ! Table 5.1 300, 300 550, 150 150, 550 400, 400 1 Super Bowl Ad 1 Super Bowl Ad 2 Super Bowl Ads 2 Super Bowl Ads Coca-Cola Pepsi
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5 Cournot Example Revisited ! Demand: Q = 100 - P ! AC = MC = 40 ! Benchmark: Cournot Duopoly Competition ! Collusive Agreement “Let’s share the market & Each firm gets
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2 - Announcement Economics 121B Industrial Organization...

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