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In economic theory, a strategic market game, also known as a market game, is a game explaining price formation through game theory, typically implementing a general equilibrium outcome as a Nash equilibrium. Fundamentally in a strategic market game, markets work in a strategic way that does not (directly) involve price but can indirectly ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
In dynamic games with complete information, backward induction is the solution concept, which eliminates non-credible threats as potential strategies for players. A classic example of a dynamic game with complete information is Stackelberg's (1934) sequential-move version of Cournot duopoly.
A simulation game is "a game that contains a mixture of skill, chance, and strategy to simulate an aspect of reality, such as a stock exchange".Similarly, Finnish author Virpi Ruohomäki states that "a simulation game combines the features of a game (competition, cooperation, rules, participants, roles) with those of a simulation (incorporation of critical features of reality).
Market value or OMV (open market valuation) is the price at which an asset would trade in a competitive auction setting.Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances.
This is a zero-sum fallacy: the perception that one trader in the stock market may only increase the value of their holdings if another trader decreases their holdings. [21] The primary goal of the stock market is to match buyers and sellers, but the prevailing price is the one which equilibrates supply and demand.
The market structure determines the price formation method of the market. Suppliers and Demanders (sellers and buyers) will aim to find a price that both parties can accept creating a equilibrium quantity. Market definition is an important issue for regulators facing changes in market structure, which needs to be determined. [1]
Other games with perfect information include tic-tac-toe, Reversi, checkers, and Go. [3] Academic literature has not produced consensus on a standard definition of perfect information which defines whether games with chance, but no secret information, and games with simultaneous moves are games of perfect information. [4] [7] [8] [9]