Game Theory and Oligopoly: Crash Course Economics #26

BUT HEY ITS JUST A THEORY, A GAME THEORY! Thanks for watching

I really like bread enactment part

thank youuuuuuu

Do you remember the ad that played before this video?

Me with YT Premium since 2018: Yes, there wasn’t one 😂

Matthew Patrick moment

You guys are talking so fast 😂had slow it down

"V."

Mr. Clifford was my high school econ teacher lol

love your videos!

The whole comment about people not buying iPhones at $3k is funny because that is today's reality. It's depressing.

thank you

If you lose, you're bankrupt. So they're playing Monopoly.

capitalist talking points are lame, not coops

;-; what's wrong with co-op

Lmfaoo not capitalists blowing off worker co-ops 😂

Yyaay behavioral econ is so interesting

Thank you- please keep making these great videos. Happy to support.

i thought i clicked on the wrong vid mr jacob clifford whatchu doin here

Ohhh.... The apple comparison aged like milk xD xD xD

"... Unless it's some lame co-op thing" 😂😂😂 Tell me you have a bias without saying your bias.

But what happens when it becomes a race to the bottom? Companies produce low quality goods, externalize negative outcomes like pollution, underpay workers, etc. Maybe competition isn't always as good as you say it is.

Wait, why did she say, "some lame co-op thing?" hahahahahaha. It's funny, but I don't understand what is so wrong with co-op?

Thanks for making it simple. I like when it is made very simple, so you understand.

Very concise, articulate, and engaging delivery of the material. Thank you so much!

2.15 Yeah... Sure...

0.16 Soooo, Monopoly?

Did anyone else notice the Stan Lee cameo?

Main Notes:
1- 4 types of markets
A- Perfect competition
Low barriers, identical products, no control over price (eg strawberries)
B- Monopoly
There is one large company that produces a product with few substitutes. And because high barriers prevent competition, a monopoly has a lot of control over price.
C- Monopolistic competition
a market with many producers and relatively low barriers; their products are very similar but not identical. (eg furniture stores or fast food)
D- Oligopolies
markets that have high barriers to entry and are controlled by a few large companies. Similar to monopolistic competition, their products are similar but not identical. That gives them some control over their prices. How?

2- Non-price competition:
Companies focus on things like style, quality, location, or service. The goal is to distinguish their product from their competitors.
The most recognizable form of non-price competition is advertising.

3- Game theory: the study of strategic decision making.

4- Collusion: If businesses don’t compete at all and they agree to charge the same high price, conspiring to form what economists call a cartel. They split the customers 50/50, but now they make even more profit -- benefiting at the expense of consumers. It’s illegal in the US.

5- Price leadership is when one company changes its prices, and its competitors have to decide if they’re going to follow suit.

6- Pay off matrix: In game theory, a payoff matrix is a table in which strategies of one player are listed in rows and those of the other player in columns and the cells show payoffs to each player such that the payoff of the row player is listed first.

This doesn't sound like Crash Course... they're not talking at break-neck speed

Her eyes are beautiful.....

The way Apple convinced so many people its basically equivalent phones (actually less capable, and which admittedly expire forcing you to spend more) are better than Android has always amazed me. That's a good example of differentiating to keep your cost high even though you at many points in time had an inferior product. In this case though I think it has more to do with the competition not being streamlined. One year I'd need the top of the line LG to have something better, the next year I'd need the best Samsung. It was hard to anticipate which would come out on top in the next iteration if you were happy to stick to that OS.

Was that the Futurama ship?! <3

This 10-minute free video taught me more than my 150$ book and 3 hours of reading. 😔

YO, STAN IS A JERK

The video was great until that lame ending. I hope neutral Crash Course will give us "Co-ops and The Economics of Cooperation" someday.

"But if apple raised the price of a phone to 3000 dollars, you might switch to android"

heh heh

Why does she have a bust of Karl Marx in the background?

Prisoner's Dilemma explains a lot of things, like why the power blackout last so long, why workers sometimes don't go on strike and other stuff.


Great video, thanx!

I love the LSP looking stuffed animals that Plait has on his stand

"Do you remember the ad that ran before this video?"
Kek, I had ad block on. There was no ad that played before this video. xD

Though I understand the concept.

thank you!

That last pitch for free markets was weak. You explained 100% why the free market cannot exist...because rivals are meant to cooperate & regardless of government oversight find ways to charge consumers more.

This is great

Diaper ad.