TAILIEUCHUNG - Lecture Microeconomics: Chapter 14 - Besanko, Braeutigam

Chapter 14 - Game theory and strategic behavior. This chapter presents the following content: Motivation: Honda and Toyota, nash equilibrium, the prisoner's dilemma, dominant strategy equilibrium, limitations of the nash equilibrium, sequential moves games. | 1 Game Theory and Strategic Behavior Chapter 14 Copyright (c)2014 John Wiley & Sons, Inc. 1 2 Chapter Fourteen Overview Motivation: Honda and Toyota Nash Equilibrium The Prisoner's Dilemma Dominant Strategy Equilibrium Limitations of the Nash Equilibrium Sequential Moves Games The Value of Limiting One’s Opinion Chapter Fourteen Copyright (c)2014 John Wiley & Sons, Inc. 3 Honda Toyota Chapter Fourteen Capacity Expansion Game What is the likely outcome of this game? Copyright (c)2014 John Wiley & Sons, Inc. 4 Chapter Fourteen Capacity Expansion Game Game Elements Players: agents participating in the game (Toyota, Honda) Strategies: Actions that each player may take under any possible circumstance (Build, Don't build) Outcomes: The various possible results of the game (four, each represented by one cell of matrix) Payoffs: The benefit that each player gets from each possible outcome of the game (the profits entered in each cell of the matrix) Copyright (c)2014 John Wiley & Sons, Inc. 5

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