Principles of Microeconomics - Chapter 17: Oligopoly

Here's a link to the clip from the movie A Beautiful Mind https://youtu.be/CemLiSI5ox8 Comparison of different market structures 0:22 Characteristics of oligopoly 6:06 Examples of oligopoly 9:04 With oligopoly, we study strategic interaction between firms 11:04 The study of game theory 14:44 Example of a two-firm game (duopoly) 17:21 - The monopoly outcome in this example 24:45 - The perfect competition outcome in this example 27:02 - The likely outcome in this example 28:56 - The incentive to collude 29:31 - Collusion is unlikely 31:10 The conflicting incentives of self interest and group interest 38:47 The prisoner's dilemma 40:58 - The game matrix 45:31 - How to find the likely outcome of the game 50:43 - Dominant strategies 53:00 - The Nash Equilibrium 56:20 Under what conditions is it more likely to observe cooperation (collusion)? 1:00:54 Portrayal of Nash equilibrium in A Beautiful Mind 1:06:31 Another duopoly example (low price vs high price) 1:12:10 Advertising as a dominant strategy 1:21:28 The nuclear arms race as an example of the prisoner's dilemma 1:30:05 Dirty campaigning as an example of the prisoner's dilemma 1:32:50 Summary of the oligopoly chapter 1:36:18