Oligopoly and Game Theory- Micro Topic 4.5

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Oligopoly and Game Theory- Micro Topic 4.5

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14 жыл бұрын

My 90 second explanation of oligopolies and game theory. Understanding how to read the chart is the first step. The numbers in the left of each square are for the firm on the left. The numbers on the right are for the firm on the top. Learn how to identify the dominant strategy with this video and then practice on the next video. Please keep in mind that these clips are not designed to teach you the key concepts. These videos are a review tool to help you better understand what you learned in class.
Need help? Check out the Ultimate Review Packet for FREE: www.acdcecon.c...

Пікірлер: 108

@mattduran3843 Жыл бұрын

13 years later and your content is still helping students. You are a legend straight up. I have my exam tomorrow on this and I was really confused, now I feel confident on the game theory portion of my exam in a few hours. Thank you 🙌

@emilymadden7100 4 жыл бұрын

Un-real - 11 years later, the best explanation of how to predict behaviour of game theory in less than 2 minutes. Mind = blown

@Ahmad-xd8zl 7 ай бұрын

14 years later i have my exam tomorrow its crazy man thank you

@AstonishingStudios 9 жыл бұрын

Has anyone else noticed that Mark Cuban is teaching us about microeconomics?

@bkorkmaz1 7 жыл бұрын

haha yeah i guess he does sort of look like him

@jonathanolson772 6 жыл бұрын

Exactly what I thought

@wetwillyis_1881 Жыл бұрын

When the homies talk about Chegg, Quizlett, and ChatGPT, I be out here with the classics.

@leilanimack7660 4 жыл бұрын

4 minutes before my AP exam and I NOW understand oligopoly

@samanthaguillen6747 5 жыл бұрын

was he filming this on a nokia

@allielee 4 жыл бұрын

@Dafni Suresh thats why its funny :)

@calebbrown3748 2 жыл бұрын

I appreciate you for your sense of humor

@laylover7621 2 жыл бұрын

This is from 12 years ago

@Economics627 Жыл бұрын

Have some respect for Mr. Clifford.

@md06783 Жыл бұрын

Awesome Mr Clifford, your videos are timeless!! Just awesome, sir!

@ri5876 4 жыл бұрын

You should be replacing all Econ professors (in the classroom) on earth :D Thank you

@dinikosama 6 жыл бұрын

Background music is great, Mr. Clifford. Gets me super pumped! ;) Loving the videos. Thanks!

@gab_rdl03 2 ай бұрын

We need an updated version of this

@susys8501 6 жыл бұрын

Great content! You are saving my butt! Thanks sir. I also bought your package, great material! ❤️

@todancewithpants 11 жыл бұрын

This was so helpful. You seem like the coolest teacher ever!

@omarsamy1144 4 ай бұрын

yo after 11 years ho did this video help u

@amygorham9668 11 жыл бұрын

YOU ARE SO AMAZING! I cannot explain in words how thankful I am! :)

@omarsamy1144 4 ай бұрын

yo after 10 years ho did this video help u

@DeviL0716 10 жыл бұрын

i love your videos!! you use the simplest and clearest way to explain econs =) it's super helpful!!!

@Rod3y 5 ай бұрын

This video looks older than me but I bet it will still help me on my test!

@shankargupta5893 4 ай бұрын

thanksss! I had a hard time understanding kinked shaped graph but then i remembered what can happen to demand when its substitute's price changes

@SunshineRendezvous 9 жыл бұрын

Thank you! This cleared up a lot of confusion!

@antongladkikh135 3 жыл бұрын

THE.BEST.ECON.PROF.EVER

@ninand4916 Жыл бұрын

Simple and clear. Thanks

@user-pb8of7cv1s 7 ай бұрын

really great!!!!

@Troykumar1 12 жыл бұрын

Your videos helped me go from a 2 to a 4 :)

@vencibobinski1304 11 жыл бұрын

THIS MAN IS A FU**ING GOD!!!! my professor went over this 3 lessons in a confused me to death, and u explained it in 90 seconds

@Vonzi0000 14 жыл бұрын

Yes maintain maintain is the Nash Equilibrium in pure strategies.

@aregomez89 9 жыл бұрын

Why did you put music in the background? It's quite distracting at least to some of us

@nfleserpiano 4 жыл бұрын

"ACDC" econ... hint: the name XD

@tomjoseph86 11 жыл бұрын

I'm going to name my first child "Clifford" Second name "90Seconds"!!

@matiass.h.528 2 жыл бұрын

I hope all ur wishes come true

@noelchanx 12 жыл бұрын

I love the way how you jump into the screen at the beginning of the video!!!! haha thanks for the video, it's awesome!

@AnkitArora1 14 жыл бұрын

Wow ! lovely ! v nice !!

@allstarrangler11 13 жыл бұрын

Thank you, this is going to really help for my micro exam in less than 2 hours. GO GATORS!

@Ansmessi007 4 жыл бұрын

university of Florida? ill be attending there

@suryansh8069 2 жыл бұрын

Holy mother of god .. understood

@jenniferjisunlee7880 7 жыл бұрын

I don't get it why don't clifford have a dominant straegedy

@ArmaanGoyal3 7 жыл бұрын

Clifford Taxi doesn't have a clear-cut strategy. In case one, they should maintain the price to get a better profit, but in case two they should lower their price to get a better profit. Thus, they don't have a clear dominant strategy.

@hitfactorystudio2837 7 жыл бұрын

Can we say to maintain is the Nash equilibrium for both ???

@monsemedina1161 8 жыл бұрын

Ok, so I understand that Clifford does not have a dominant strategy, but why will they maintain their price if they can get more money when they lower it? Why do they have to do what ACDC does?

@JacobAClifford 8 жыл бұрын

+Moe Medina Great question. Remember, ACDC will always maintain since that is their dominate strategy. So Clifford won't get $150 if they price lower. They will only get $130. It would be better if they maintain and get $140. Does that make sense?

@roshanmandayam 6 жыл бұрын

Wouldn't clifford want to lower because they will get more money than their competitor? Since there are only a few companies in an oligopoly, doesn't it make sense to get rid of competition?

@sohilsingh007 6 жыл бұрын

Technically you're not getting rid of the competition since both are making a profit. If one made a profit and one underwent losses, I would agree, but that isn't the case here. Both companies are making a profit.

@donbosko2684 6 жыл бұрын

If Clifford lowered their price they only get $130. The only time they have an option to get $150 is when ACDC lowered their price. However, ACDC won't lower their price because they would only get $100 instead of the $150 they are currently getting by maintaining. Thats why Clifford doesn't have a dominant strategy as that would only happen if ACDC lowered their price which they won't do.

@kimsjohnson 14 жыл бұрын

Excellent. I understand now!

@DavidWalker2 9 жыл бұрын

But in a duopoly market share is all important. Clifford should take the $10 profit reduction (lower their price) in order to take market share from ACDC. When they are more powerful than ACDC, they can destroy them completely.

@paulharris8551 9 жыл бұрын

Unless the anti-trust people get into it.

@agathangoma2868 4 жыл бұрын

You are a life saver ❤️

@WeRrDdDaFiA 5 жыл бұрын

is the last part a nash equilibrium?

@faultyistired2556 5 ай бұрын

I LOVE YOU JACOB

@blacuraRL 12 жыл бұрын

God bless man, really appreciate the help :)

@georgebell1684 3 жыл бұрын

Were there other Game Theory Videos here previously? I seem to recall a more modern game theory video being available with newer production values. Did they get moved?

@melsfeeney 12 жыл бұрын

music is really distracting.... otherwise, really good and quick explanation.

@djconsolo 11 жыл бұрын

Might be an easy concept, but just wondering, how would you figure out the firms DAILY profit?

@bluebluer1632 10 жыл бұрын

Thank you!

@bitsbard 10 ай бұрын

Phenomenal video! If you're keen, I'd recommend a book with congruous material. "Game Theory and the Pursuit of Algorithmic Fairness" by Jack Frostwell

@Ip0dT0uchHelper 12 жыл бұрын

Forgot to mention that that box is where the Nash Equilibrium is

@CrittingOut 3 жыл бұрын

What if the other firm wants to hurt the firm that wants to maintain, they would take a $10 loss while the other firm would take a $30 loss? Does this ever occur?

@ghg6541 14 жыл бұрын

In this case where both agree to maintain, Can i call that the Equilibrum

@MrMelvinCool 14 жыл бұрын

helpful!

@AMG_AB 10 жыл бұрын

I can dig it

@Dsekets 8 жыл бұрын

HEYYY are you the guy from crash course Econ?

@ajsimbarasi7755 10 жыл бұрын

the music is completely distracting

@MrNishkabibbles 12 жыл бұрын

my teacher spent 55 minutes explaining this, i didn't get it. he spends 2 minutes i understand

@The3nlightened0ne 11 жыл бұрын

Question number 3 is the Nash Equilibrium?

@jingychen100 5 жыл бұрын

omg! so useful!

@HenryFried-tf7no 3 ай бұрын

Great explanation but the loud music is really distracting and frustrating

@MarioPenalti 2 жыл бұрын

sometimes I got the feeling that the only thing that makes my master complicated are bad professors.

@samanthasoter8791 7 жыл бұрын

Wait, I still don't quite understand why clifford doesn't have a dominant strategy..

@Polishsmile5 7 жыл бұрын

Because it's not like mountain/lower is better in both scenarios. One is better in one, the other is better in the other. For example, ACDC has a dominant strategy because they make more maintaining rather than lowering, both times. If Clifford lowers, ACDC makes more money maintaining than it does also lowering. If Clifford maintains, ACDC makes more money maintaining that it does lowering. In both cases ( both of Clifford's moves), ACDC makes more money maintaining. Now, clifford doesn't have a dominant strategy because in one case, maintaining is better, and in the other lowering is better. A dominant strategy means it's better to only maintain or only lower, no matter what the other company is doing.

@darkstatius 12 жыл бұрын

Mr. Magavern FTW!

@murrily 13 жыл бұрын

What if clifford lowers to make a higher profit than ACDC then uses that to invest and eventually push ACDC out of the market?

@sashankvissa2358 4 жыл бұрын

I will build a temple for this man in India someday

@BippityBoppityBatman 5 жыл бұрын

Yoy are a god thank you so much

@shiningangel01 10 жыл бұрын

...a little confused, you say to lower $120 to $150, but that's increasing,

@JL00212 9 жыл бұрын

Is 140,150 nash equilibrium?

@alialex1665 11 жыл бұрын

dam! i understand it now!

@UmairNadeem 13 жыл бұрын

and what happens when there is a collusion between the two firms?

@nunnyu 3 ай бұрын

goat

@seanjoo4873 4 жыл бұрын

Who watched beautiful mind here

@ycnoel 11 жыл бұрын

i know u really amazing but seems its too fast for me (non-english speaker) to understand huhuhuuh, anyway i will try cause i dont understand this lesson at school too :)))))), thanks a lot

@jidamyun3262 Жыл бұрын

I love you

@starscater 13 жыл бұрын

1:30 - 90 seconds is up!

@vandelay1679 6 жыл бұрын

He’s coherent He’s keen He’s econ extreme He’s a clever man Econ teacher number one Understand?

@jessicatao5945 4 жыл бұрын

Can’t see the board clearly , oh no

@devinhart4667 6 жыл бұрын

song?

@MrCorndog73 6 жыл бұрын

dad

@cattuong25 9 жыл бұрын

Slow down, man.

@syeedmohammeduzzalhossain5452 5 жыл бұрын

.. concept in 60s (+ 30s)

@yuvrajvalrani4993 2 жыл бұрын

DIGGITY WAHOOOOOOOOOOO

@suryansh8069 2 жыл бұрын

Gunners till we die

@quaresma7besiktas13 12 жыл бұрын

calm down

@itsamemarioo993 3 жыл бұрын

@KhaotiKSlasher 12 жыл бұрын

Fuck everything...

@panjiyudha8246 5 жыл бұрын

You explain to fuckn fast man

@lostinthepetroms 10 жыл бұрын

but don't agents undercut competitors at their own expense every day? Don't they do it out of spite, or to establish long term competitive advantage by pushing others out of the market, or simply out of self defeating pride, but do it never the less? This is to say nothing of the use of game theory as a way to predict what your 'competitor' will predict about your predictions. Maybe this man is 'fu-ing' GOD. I can't trust that either. Then again, if this s just an academic game, well, have fun.