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Game theory for pricing

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Competition Prep

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Last updated

1 year ago

Date created

Mar 14, 2020

Cards (11)

Section 1

(11 cards)

Game theory for pricing

Front

Back

payoff matrix

Front

a table that shows the payoffs that each firm earns from every combination of strategies by the firms

Back

Market Share

Front

ratio of sales revenue of the firm to the total sales revenue of all firms in the industry us/(us + them)

Back

Equilibrium

Front

outcome of the game

Back

Game theory

Front

the study of how people behave in strategic situations

Back

Prisoner's Dilemma

Front

a particular "game" between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

Back

Strategic competitive decisions

Front

Know what your competitor will do

Back

Impact of Competition

Front

Competitor decisions impact the company

Back

Nash Equilibrium

Front

a situation in which each firm chooses the best strategy, given the strategies chosen by other firms

Back

A beautiful mind

Front

nash and 3 grad students try talking to a girl

Back

Relative Market Share

Front

ratio of salves revenue of the firm to the largest competitor us/largest

Back