Applications of the Game Theory in the Managerial System

Abstract

The article analyses applications of the game theory in the context of the new applied microeconomics, highlighting the implications of this approach on market decisions in monopolistic and duopolistic situations. The tendency towards equilibrium of any economic system is the key to using game theory to identify price levels and output volumes in different forms of competition, the differentiation being brought about by the number and economic power of competitors.

Keywords

• market
• competition
• economic game
• decision
• equilibrium