Oligopoly and Game Theory
You may have noticed the discussion in Taylor (2014) at the end of Chapter 10 about oligopoly and the prisoner’s dilemma. The prisoner’s dilemma is an example of game theory. A “game” is like a board game, as your optimal move depends on what your opponent does. The same holds in oligopoly, as your own decisions as to what price to charge or how much to produce depend on what your competitors do.
Take a look at the following video that tries to illustrate oligopoly and game theory through a Batman movie: https://www.youtube.com/watch?v=JMq059SAQXM
Module 3 Discussion
Contains unread posts
posted May 20, 2018 1:36 PM
Hello Class,
I believe that both the Batman video and the other video I found helped explain the concept of game theory. According to Jacob Clifford (2016), game theory is the “study of strategic decision making.”
Initially, I wasn’t able to think of any situations that game theory is useful for. However, when I started to think about it, I may have an example. As my example, I am the head coach for a basketball team who is playing against their rival. Player A is the rival team’s best offensive player while Player B is my best defender. However, he isn’t a good free-throw shooter. The scenario I will use is when the game is close with a couple of minutes left in the 4th quarter. The four options are: sub Player B in when Player A is subbed in to limit his effectiveness while having the risk of being intentionally fouled to disrupt the rhythm of the team, don’t sub Player B in when Player A is subbed in to not disrupt the rhythm of the team while risking Player A to be effective, sub Player B in when Player A isn’t subbed in to bring extra defensive help while having the risk of being intentionally fouled to disrupt the rhythm of the team, or neither player gets subbed in to avoid disrupting the rhythm of the team, but sacrifice better defense.
Personally, I found the math equations/computations we’ve used in class to be easier to follow. I enjoy working with numbers so clear-cut equations are my “friends.”
References
ACDCLeadership. (2014, Apr. 27). Oligopolies and Game Theory – EconMovies #8: The Dark Knight. [Video file]. Retrieved from https://www.youtube.com/watch?v=JMq059SAQXM
CrashCourse. (2016, Mar. 05). Game Theory and Oligopoly: Crash Course Economics #26. [Video file]. Retrieved from https://www.youtube.com/watch?v=PCcVO
Rubric Assessment
Rubric Name: MBA/MSHRM/MSL Discussion Grading Rubric – Timeliness v1
Criteria
Level 4 – Excellent
Level 3 – Proficient
Level 2 – Developing
Level 1 – Emerging
Quality of Initial Posting (first discussion only)
4 points
Initial posting reveals a clear understanding of all aspects of the threaded discussion question; uses factual and relevant information; and demonstrates full development of concepts.
3 points
Initial posting demonstrates legitimate reflection and answers most aspects of the threaded discussion question; full development of concepts is not evidenced.
2 points
Initial posting demonstrates some reflection and answers some aspects of the threaded discussion question; Limited development of concepts is evident.
1 point
Initial posting was not on topic; the response was unrelated to threaded discussion question; and post demonstrated only superficial thought and poor preparation.
Quality of Responses to Classmates
6 points
Responded to the required number of students and to the professor, if appropriate, for every discussion. Demonstrated analysis of others’ posts; extends meaningful discussions by building on previous peer posts and offering alternative perspectives.
5 points
Responded to almost all of the required students and to the professor, if appropriate, for every discussion. Provided comments and new information to other posts; not all responses promote further discussion of the topic.
4 points
Responded to some students and to the professor, if appropriate, for every discussion. Little depth in response; agreed or acknowledged one other classmate’s initial posting.
3 points
Did not respond to any student or the professor.
Reference to Supporting Readings/Information Literacy
3 points
Refers to and properly cites either course and/or outside readings in both initial posting and responses to peers.
2 points
Refers to and properly cites course and/or outside reading in initial posting only.
1 point
Makes some reference to assigned readings with some citations or cites questionable sources.
0 points
Makes no reference to assigned readings without citations or cites questionable sources.
Critical Thinking
4 points
Demonstrates mastery conceptualizing the problem; viewpoints and assumptions of experts are analyzed, synthesized, and evaluated; and conclusions are logically presented with appropriate rationale.
3 points
Demonstrates considerable proficiency conceptualizing the problem; viewpoints and assumptions of experts are analyzed, synthesized, and evaluated; and conclusions are presented with necessary rationale.
2 points
Demonstrates partial proficiency conceptualizing the problem; viewpoints and assumptions of experts are analyzed, synthesized, and evaluated; and conclusions are somewhat consistent with the analysis and findings.
1 point
Demonstrates limited or poor proficiency conceptualizing the problem; viewpoints and assumptions of experts are analyzed, synthesized, and evaluated; and conclusions are either absent or poorly conceived and supported.
Timeliness
3 points
Initial post occurs in a timely manner (1 – 3 days into module) allowing ample time for classmates to respond and engage.
2 points
Initial post occurs later (4 – 5 days into module) allowing limited time for classmates to respond and engage.
1 point
Initial post occurs substantially late (6-7 days into module) allowing minimal to no time for classmates to respond and engage.
0 points
Initial post occurs after the first week of the module.
Overall Score
Level 418 or more
Level 316 or more
Level 214 or more
Level 10 or more
Module 3, Week 1
Contains unread posts
posted May 23, 2018 7:11 PM
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I have watched a few of ACDCLeadership’s videos and have found them all corny, but easy to follow and learn from. I think the corniness of the videos helps the learning process. Rather listening to someone drone on about a potentially boring topic ACDCLeadership’s antics helped to keep my attention. I chose to watch a few different videos on concept of game theory to compare it to ACDCLeadership’s video. All were interesting, but I found myself starting to just listen to the other videos. A great example is about 1 minute into FLT Warwick’s video I started typing this narrative as the video played in the background. I find this topic interesting and could easily see how it can be useful. In the video Intro to Game Theory and the Dominant Strategy Equilibriumthe narrator talks about the prisoner dilemma, which shows that game theory can be used in numerous aspects of a person life. One simple example is using game theory to determine which investment firm would be best to use. I find game theory easier to use quickly as opposed to doing math equations/computations.
Clifford. 2014. Oligopolies and Game Theory- EconMovies #8: The Dark Knight. Retrieved from https://www.youtube.com/watch?v=JMq059SAQXM
Welker. 2012. Game Theory Intro The Prisoner’s Dilemma as a Model for Oligopoly Behavior – Jason Welker. Retrieved from https://www.youtube.com/watch?v=8-PVNLH_MpE
The Economic Detective. 2013. Intro to Game Theory and the Dominant Strategy Equilibrium. Retrieved from https://www.youtube.com/watch?v=3Y1WpytiHKE
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