https://padlet.com/jlai9_2/m6azucu0571z Based on the game which you just played, what do you think the features/assumptions of oligopoly are? It may be helpful if you compare it with perfect competition. en-us 2017-04-10 01:03:16 UTC 2025-12-24 02:57:44 UTC hello@padlet.com jlai9_2 https://padlet.com/jlai9_2/m6azucu0571z/wish/165798098 Double click to get started]]> 2017-04-11 01:43:09 UTC https://padlet.com/jlai9_2/m6azucu0571z/wish/165798098 https://padlet.com/jlai9_2/m6azucu0571z/wish/165802456 Symmetric information (kind of)
There are barriers to enter/ leave the market --> there is no option to just forfeit
limited competition --> only 2 parties ]]> 2017-04-11 02:42:04 UTC https://padlet.com/jlai9_2/m6azucu0571z/wish/165802456 https://padlet.com/jlai9_2/m6azucu0571z/wish/165802503 1) Both sell homogeneous products
2) Fewer producers -> Less competition
3) Firm's profit and profit maximized choice depend on other firms' behaviors. 
-> More market power
4) Perfect information]]> 2017-04-11 02:42:37 UTC https://padlet.com/jlai9_2/m6azucu0571z/wish/165802503 ss20125020 https://padlet.com/jlai9_2/m6azucu0571z/wish/165802505 1) Few parties involved (the parties involved in the game)
2) All parties working for their own benefits (payoffs)
3)Social optimum is violated (the social optimal solution is evidently not met in the game)
4) Perfect information and Complete information (both parties know each others' payoff and the way how the game works)
5) Symmetric Game (benefits can only be maximised when both parties work together)
6)The payoff of both parties are zero-sum (ditto)
7)Parties tend not to make collusion (all selfish)]]> 2017-04-11 02:42:39 UTC https://padlet.com/jlai9_2/m6azucu0571z/wish/165802505 https://padlet.com/jlai9_2/m6azucu0571z/wish/165802507 1. Less Parties
2. More Market Power
3. Firms want maximised their profit]]> 2017-04-11 02:42:40 UTC https://padlet.com/jlai9_2/m6azucu0571z/wish/165802507 https://padlet.com/jlai9_2/m6azucu0571z/wish/165802518 1) Lesser buyers and sellers - only 2 parties
2) Asymmetric Information - no idea what other parities are thinking
3) All parties care for their own benefits

]]> 2017-04-11 02:42:48 UTC https://padlet.com/jlai9_2/m6azucu0571z/wish/165802518 https://padlet.com/jlai9_2/m6azucu0571z/wish/165802521 Fewer competition(2 from game)
All work towards to benefit of themselves (not to stay silent)
imbalance information( not knowing the other team's decision)
Each firm holds similar market power ( the decision to betray or stay silent)



]]> 2017-04-11 02:42:49 UTC https://padlet.com/jlai9_2/m6azucu0571z/wish/165802521 https://padlet.com/jlai9_2/m6azucu0571z/wish/165802529 Oligopoly: 
- Asymmetric information
(The other group does not know the decision our group has made)
- Less parties
(There are only two teams among us)
--> Similar market power

Perfect Competition:
- Perfect information
- Many firms/parties
- No barriers to exit or entry]]> 2017-04-11 02:42:53 UTC https://padlet.com/jlai9_2/m6azucu0571z/wish/165802529 https://padlet.com/jlai9_2/m6azucu0571z/wish/165802539 1. more concentration - the market power was shared between two parties 
2.  barriers to enter and exit - 
3. there are only decision for betrayal or remain silence
4. asymmetric information - the decision is unknown for the other group
5. all people are rational - trying to maximising the profit


]]> 2017-04-11 02:43:01 UTC https://padlet.com/jlai9_2/m6azucu0571z/wish/165802539 https://padlet.com/jlai9_2/m6azucu0571z/wish/165802545 1) Less competition
> Only 2 teams are involved
> Perfect competition have higher degree of competition

2) Asymmetric info.
> You don't know what the other team is choosing
> In perfect competition, firms and consumers have all the info.]]> 2017-04-11 02:43:04 UTC https://padlet.com/jlai9_2/m6azucu0571z/wish/165802545 https://padlet.com/jlai9_2/m6azucu0571z/wish/165802574 1.Strategic Behaviour
2.Few buyers and sellers
3.Conflicting incentives, collusion
4.Imperfect information
5.Game theories involved
6.High barriers to entry
7.More concentration- the market power

]]> 2017-04-11 02:43:29 UTC https://padlet.com/jlai9_2/m6azucu0571z/wish/165802574 https://padlet.com/jlai9_2/m6azucu0571z/wish/165802684 1. Choices may affect other parties (Depending if you betray/stay silent, the other group's prison time may change)
2. Few Competition involved (2 grps)
3. Equal Market Power
(Both parties can make choice to betray or stay silent)
4. Asymmetric Information (Lack of communication in the first two rounds)]]> 2017-04-11 02:44:38 UTC https://padlet.com/jlai9_2/m6azucu0571z/wish/165802684