Business & Economics Books:

Strategic Interaction and Markets

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Hardback
Strategic Interaction and Markets by Jean J. Gabszewicz
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Description

Perfect competition provides the model of a frictionless economy, in which price-setting economic agents behave independently of each other, abandoning to the market the coordination of their individual decisions. The implications of this model are extensively presented in the traditional price theory textbooks. Imperfect competition is the paradigm that develops as soon as economic agents interact in a conscious manner, which is the rule when competition takes place amongst a restricted number of agents. In this system, agents act strategically, taking into account the impact of their decisions on competitors' behaviour and on the price mechanism. Such situations commonly arise when firms differentiate their products, erect strategic entry barriers, or exploit the imperfect information of their customers about the price or characteristics of their product. This book explores the theoretical richness of these economic contexts, using some basic tools of game theory. Designed as an ancillary text for graduate students, it not only summarizes the historic contributions made by economic theorists such as Cournot and Edgeworth, but also makes accessible many of the most recent developments in the same field.
Release date NZ
January 1st, 1998
Audience
  • Professional & Vocational
Country of Publication
United Kingdom
Illustrations
graphs
Imprint
Oxford University Press
Pages
108
Dimensions
159x241x13
ISBN-13
9780198233411
Product ID
2818132

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