We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Discuss the role of game theory and the problems faced by the managers in decision making of a firm operating in an oligopoly market - Essay Example

Comments (0)
Summary
To put it in other words, the choices made by one organization in the oligopolistic structure has a consequence on the other organizations in the…
Download full paper
GRAB THE BEST PAPER
Discuss the role of game theory and the problems faced by the managers in decision making of a firm operating in an oligopoly market
Read TextPreview

Extract of sample
Discuss the role of game theory and the problems faced by the managers in decision making of a firm operating in an oligopoly market

Download file to see previous pages... The common characteristics of an oligopolistic market are product differentiation, barriers to entry, inter-reliant decision making amongst the organizations and non-price rivalry between the organizations1. Each organization in the oligopolistic market generally produces differentiated or branded products. The entry barriers to the oligopolistic form of market are very high which averts the weakening of the competition in the market. The few dominant organizations in the oligopoly market hence earn the maximum profits. However, these organizations are interdependent and have to consider the reaction of their competitors prior to making any decision regarding price change, production level or choice of non-price rivalry. The non-price rivalry amongst the oligopolistic organizations could be in various forms. A few of the non-price rivalry strategies are product diversification, brand development, and widespread after-sales services among others2.
Owing to the interdependent nature of the organizations operating in an oligopolistic market structure, the manager of such organizations has to implement strategic decision-making so that the business decisions made by them are the most beneficial one for their organization. Strategic decision-making requires the managers of a particular organization to make presumptions about how the competing organizations would respond to any choice they make. Such kinds of business decisions are very complicated in nature and the results of these decisions are also very indecisive owing to the inter-reliance amongst the organizations. The game theory is considered to be one of the imperative tools utilized by the managers of oligopolistic organizations in the process of strategic decision-making. The concept of game theory is the analysis of models of disagreement and cooperation amongst rational as well as smart decision makers3.
This study reviews the function of game theory in the decision making ...Download file to see next pagesRead More
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Outline and Evaluation of the Game Theory Explanation of the Difficulties Faced In Solving Collective Action Problems
Outline and Evaluation of the Game Theory Explanation of the Difficulties Faced In Solving Collective Action Problems Introduction In the attempt to settle scores and differences between different parties or countries, a majority of countries have considered forming coalitions so as to help them negotiate themselves through surviving competitive investment environment.
9 Pages(2250 words)Essay
Discuss the role of magistrate and jurors in the legal decision-making process
Outline the processes involved within court trial. Argument of the essay- the magistrates and jurors play a very critical role in the legal decision-making process. Discussion Consider the advantages of the services provided by the magistrates and jurors in the legal decision- making.
10 Pages(2500 words)Essay
Discuss and evaluate the problems faced by project managers
This implies that the role of the project manager is critical to the success of any project. The project always carries a charter which includes a brief summary, the history of the project and also the major assumptions (Hayes, 2000). Assumptions are considered true and support the planning process.
11 Pages(2750 words)Essay
Religious Studies Cumulative Paper
World is growing into multicultural, multiethnic place day by day, in this environment, peaceful co-existence is only possible if Tolerance is demonstrated by followers of all religions. Introduction. All regions of the world have similar beliefs about good deeds.
8 Pages(2000 words)Essay
Evaluate the Role of Market Research in the Decision Making Process of an Organisation
The three functional roles played by marketing research include predictive, diagnostic, and descriptive functions (McDaniel & Gates 1998, p. 5). Examples of market research strategies that organizations use include surveys, questionnaires, observation of consumer behavior, personal interviews, quantitative, as well as qualitative market research.
8 Pages(2000 words)Essay
Ethical Decision Making and Contemporary Managers
The author of the text claims that the contemporary managers could draw valid lessons from the Occupy Wall Street movement. To be precise, the lesson is that the people in this nation do expect the managers running the corporations, which are the backbone of the American capitalism, in an ethics bound manner.
3 Pages(750 words)Essay
Architecture advancements
Truly, Romans had great architectural achievements, and Rome had their unique architectures which have lasted through ages to today’s architectural work. Roman architecture has been noted to have influenced many building styles and techniques in the contemporary world.
5 Pages(1250 words)Research Paper
Probability Theory in Decision Making
The results are very clear to interpret from the following table. The probabilities for the sales show that the company is expected to register medium sales as far as the sale of fruit juices is concerned (highest probability of 0.5). The table further depicts that there is fairly lesser chance that there would be any phenomenal sale of fruit juices (p=0.2).
2 Pages(500 words)Essay
Using theoretical and empirical evidence, critically discuss how signalling theory explains a managers decision to change capital structure and payout policy. Analyse how the stock market responds to the decisions
From the perspective of finance, this theory outlines that changes in the dividend and payout can actually signal changes in future cash flows. Dividend theory suggests that dividends are sticky and also signals the quality of
6 Pages(1500 words)Essay
Econ ON OLIGOPOLY & SOME GAME THEORY IDEAS WITH OLIGOPOLY
Monopoly firm is the single firm that autonomously possesses the control of the market solely while monopolistic firms are the firms
3 Pages(750 words)Assignment
Let us find you another Essay on topic Discuss the role of game theory and the problems faced by the managers in decision making of a firm operating in an oligopoly market for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us