Game Theory and Oligopoly: Crash Course Economics #26
Would you like to play a game, Dr. Falken? Actually, this episode isn't really about games, or Matthew Broderick, or Thermonuclear War. But enough with the long references to 1983's best movie,...
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Jacob: Welcome to Crash Course Economics, I’m Jacob Clifford Adriene: and I’m Adriene Hill, and today we’re talking about competition and game theory. Jacob: Games? Like board games or video games? I can beat my seven year old at Call of Duty. Adriene: No, not quite like that. In this kind of game, if you lose, you’re bankrupt. [Theme Music] Jacob: So when we talk about markets, there are basically four different types, or market structures. They vary based on things like number of producers, control over prices, and barriers to entry -- how hard it is for new businesses to jump in the market. Most agricultural products, like strawberries, are in a type of market called perfect competition. There are thousands of farmers all growing identical str...
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Jacob: Welcome to Crash Course Economics, I’m Jacob Clifford Adriene: and I’m Adriene Hill, and today we’re talking about competition and game theory. Jacob: Games? Like board games or video games? I can beat my seven year old at Call of Duty. Adriene: No, not quite like that. In this kind of game, if you lose, you’re bankrupt. [Theme Music] Jacob: So when we talk about markets, there are basically four different types, or market structures. They vary based on things like number of producers, control over prices, and barriers to entry -- how hard it is for new businesses to jump in the market. Most agricultural products, like strawberries, are in a type of market called perfect competition. There are thousands of farmers all growing identical str...
