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Essay / Research Paper Abstract
This 5 page paper examines game theory, looking at a business application of the prisoners dilemma, and the theories of Nash, Cournot and Bertrand. The bibliography cites 6 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEgmthry.rtf
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Unformatted sample text from the term paper:
is likely that at some point in the process there will be some sort of comparison or evaluation will be made between two different courses of action. These may be
in terms of the potential costs of failure and either formally using some form of probability rating when comparing the different options that are available to them. In the case
of a same business this may all be informal and a mental process that is not even recognised as a process such as this until it is broken down into
the component stages, whereas in a larger business this is likely to be more formal, but may not be set out in these terms.
One manifestation of this is the terms in which a course of action will be predicted to influence future events. For example a supermarket may feel that they
can benefit from increased trades if they lower prices, but from past experience known that if they lower the price of a particular good than there may be a
70% chance of it sparking a mini price war., but there is also a 30% chance that it will not do this, and then they may gain the additional customers
(Nellis and Parker, 1998). Therefore the relevant probabilities may be seen a 0.7 and 0.3 respectively. The problem is that although there may be predictions made with some level of
certainty, there is always a level of uncertainty as there are many other influencing factors on both the industry as well as the rivals and their reactions
(Nellis and Parker, 1998). It is this problem that has led economists to develop a mathematical technique that is better known
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