Micro: Unit 4.9 -- Game Theory
Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
Explain how game theory works
Discuss a game theory matrix, including players, strategies, and payoffs
Go over the "Prisoner's Dilemma" game, including the preferred strategies for
each player and the outcome of the game
Investigate strategies and outcomes, including the dominant strategy,
the dominated strategy, the Pareto Optimal outcome, and the Nash Equilibrium
Provide several game theory scenarios to demonstrate how firms use strategic
decisions to maximize profits in oligopolistic markets, including games with
and without dominant strategies
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