Proper Strictly Competitive Games and Maxminimization Definitions and Examples Assignment Help for Students
A strictly competitive game has a conflict interest in players. They will be having different strategies like in duopoly game as envisioned by Bernard this type of game is always represented as zero sum game. Nash equilibrium would be chosen by players as a strategy in between. The game should be reshaped in such a way that zero sum game is always avoided. Student can take Strictly Competitive Games and Maxminimization Definitions and examples assignment help for a high-quality assignment.
The strategy that works in real life
The minimal payoff for a player would be taken forward by Maxminimization strategy. The strategy would be done in such a way that however the opponent reacts to a situation there would be a minimum payoff. Maxminization or minimaxiation would have Nash equilibrium.
There are markets like oligopoly in which many small firms would compete in gaining market share. There would be entry barriers for firms that would make firms to earn profits.
Firms would always react to the best decisions taken by competitors. Polaroid was a company that tried to make photo taking an easier option. The option was reacted well by mobile manufacturers who came out with camera phones
There are oil firms that produce oil, and they all decide together how much to produce so that their market share and market position is not affected. There would be a fixing of output. The highest value that a player can take is called Maximin. Each country or oil firms would be producing on their own with a set value that would collectively join to form a big value that they have said.
The max in the Maximin would mean that there would be maximation of minimum gain that has been made. The concepts would be dealt in detail in Strictly Competitive Games and Maxminimization Definitions and examples homework help.
There would be occasions in economic life when both players do alter their strategy in between. This is known as mixed strategy. The reason for this strategy change is that an opponent would choose out of options. There would be times when the recession would hit the economy hard. During this time companies may reduce production and may also offer a discount. This will bring change in company’s policies as there is cut in profit. These policies can lead to job loss and there would be change in strategy also.
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