Game Theory and Oligopolistic Competition

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Game Theory and Oligopolistic Competition
Jean Pauyo
Game theory can be used to analyze decision-making process of firms in oligopolistic competition. When there are few firms in a market, it is easy for each firm to guess (predict) what the other firms will do in a given situation. For example, without any illegal price-fixing scheme, the leader of the market can fix its price and level of production and expect the competitors to follow its lead and not engage in price cutting strategies that will put all in a bad position.
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