Category: Game Theory

Requirements:

Explain the concept of game theory. Discuss its meaning, assumptions, objectives, and importance in business decision-making. Explain the major types of games (such as cooperative and non-cooperative games, zero-sum and non-zero-sum games) with suitable examples. Also explain the application of game theory in economics and business management. Requirements:

I need help understanding how to apply Nash equilibrium to determine optimal pricing strategies for firms in an oligopoly. Please explain the theoretical steps, provide a simple payoff matrix example, and show how to solve for the equilibrium strategies. Requirements: