Question

Assess Game Theory competition used by major airlines in any given economy. Give the 2 x 2 matrix as well with dominant strategy.

Answer 1

Answer:

Explanation:

Economists use 'Game Theory' as a tool to analyze economic competition, economic phenomena such as bargaining, mechanism design, auctions, voting theory; experimental economics, political economy, behavioral economics etc. Game theory is applied for determining different strategies in the business world.