Adithya Kamaraj’s Post

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Consumer Behaviour, Pricing & AI | PhD Candidate at BFH & USI

Prisoner's Dilemma of Pricing: A Practical Lesson in Game Theory and Pricing Strategies! 📱💼 I'm excited to share a web-based mini-game I've developed that demonstrates the concept of Nash equilibrium in single period pricing strategy, this game challenges you to outsmart your competitors in the marketplace. 🔍 Game Description: You are the CEO of a mobile phone company competing in the market. Your task is to set the price for your phone without knowing the price set by your competitor. The game guides you through potential outcomes based on different pricing strategies. 💡 Understanding Nash Equilibrium: In game theory, a Nash equilibrium occurs when each player in the game makes the best possible decision for themselves, considering the decisions of the other players. Can you identify the Nash equilibrium and determine the best pricing strategy in the Ultra-Phone game? Share your thoughts and strategies in the comments below after playing the game. I'm excited to hear about your experiences and insights! This game is based on the example provided in "Game Theory Models of Pricing" by Praveen K. Kopalle and Robert A. Shumsky, from The Oxford Handbook of Pricing Management, edited by Özalp Özer and Robert Phillips, 2012. 🔗 Try the Ultra-Phone Game and see how your strategic decisions impact your company's success! #GameTheory #PricingStrategy #NashEquilibrium #Economics #WebDevelopment #BusinessStrategy

Single Period Pricing Game

Single Period Pricing Game

adikamaraj.github.io

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