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(8th edition) (the pearson series in economics) robert pindyck, daniel rubinfeld microecon 512

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C H A P T E R

13

Game Theory and
Competitive Strategy
CHAPTER OUTLINE
13.1 Gaming and Strategic

I

n Chapter 12, we began to explore some of the strategic output and
pricing decisions that firms must often make. We saw how a firm
can take into account the likely responses of its competitors when
it makes these decisions. However, there are many questions about
market structure and firm behavior that we have not yet addressed.
For example, why do firms tend to collude in some markets and to
compete aggressively in others? How do some firms manage to deter
entry by potential competitors? And how should firms make pricing
decisions when demand or cost conditions are changing or new competitors are entering the market?
To answer these questions, we will use game theory to extend our
analysis of strategic decision making. The application of game theory
has been an important development in microeconomics. This chapter explains some key aspects of this theory and shows how it can
be used to understand how markets evolve and operate, and how
managers should think about the strategic decisions they continually face. We will see, for example, what happens when oligopolistic
firms must set and adjust prices strategically over time, so that the
prisoners’ dilemma, which we discussed in Chapter 12, is repeated
over and over. We will show how firms can make strategic moves
that give them advantages over competitors or an edge in bargaining situations, and how they can use threats, promises, or more concrete actions to deter entry. Finally, we will turn to auctions and see
how game theory can be applied to auction design and bidding
strategies.



13.2
13.3
13.4
13.5
13.6
13.7
*13.8

Decisions
487
Dominant Strategies
490
The Nash Equilibrium
Revisited
492
Repeated Games
498
Sequential Games
502
Threats, Commitments, and
Credibility
505
Entry Deterrence
510
Auctions
516

LIST OF EXAMPLES
13.1 Acquiring a Company

13.2
13.3

13.1 Gaming and Strategic Decisions

13.4

First, we should clarify what gaming and strategic decision making
are all about. A game is any situation in which players (the participants) make strategic decisions—i.e., decisions that take into account
each other’s actions and responses. Examples of games include firms
competing with each other by setting prices, or a group of consumers
bidding against each other at an auction for a work of art. Strategic
decisions result in payoffs to the players: outcomes that generate
rewards or benefits. For the price-setting firms, the payoffs are profits;

13.5
13.6
13.7
13.8

490
Oligopolistic Cooperation in
the Water Meter Industry
501
Competition and Collusion
in the Airline Industry
501
Wal-Mart Stores’ Preemptive
Investment Strategy
509

DuPont Deters Entry in the
Titanium Dioxide Industry
514
Diaper Wars
515
Auctioning Legal Services
522
Internet Auctions
522

487



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