Managerial Economics by Peter J. Curwen (auth.) PDF

By Peter J. Curwen (auth.)

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Example text

No matter what strategy is chosen by the manufacturer, the supplier stands in all cases to gain more by adopting S1 in preference to s4 since all the pay-offs are greater. sl is thus said to dominate s4, and s4 will be dropped from the matrix. In the residual matrix the manufacturer stands to concede less to the supplier by adopting either M 2 or M 3 rather than M 1 since all the pay-offs are lower. M 1 is thus dominated by M 2 and M 3 and will be dropped from the matrix. This leaves 9 entries.

Eventually however this barrier could theoretically be overcome. Given this fact, we must investigate what established R. G. Lipsey, An Introduction to Positive Economics, pp. 272-3. This topic is dealt with in J. S. Bain, Barriers to New Competition (Harvard University Press, 1956). P. Sylos-Labini, Oligopoly and Technical Progress (Harvard University Press, 1962). F. Modligiani 'New Developments on the Oligopoly Front', Journal of Political Economy (June 1958). 3 A dissenting view is however expressed in P.

However not all two-person zero-sum games have such a solution. This solution exists only if the pay-off matrix has an entry which is the highest in its column and the lowest in its row. Such an entry is known as a saddle point. Several or more such entries may be found. An example of a matrix containing no saddle point is set out below. Player A (gains) Player B (losses) bl b2 4 6 8 2 B is assumed to choose his strategy based upon the minimax principle. This suggests a choice of strategy b1 • A is assumed to choose his strategy based upon the maximin principle.

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