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PERCEPTION: How a person interprets the sensual inputs received through seeing, hearing, smelling, tasting, and touching. This process requires the individual to select, organize, and decode the various stimuli surrounding him/her in the environment. The important thing is not what is said by the talker, but what is heard by the listener. This process is critical to understanding consumer buying behavior.
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COLLUSION PRODUCTION ANALYSIS To avoid competition, oligopolistic firms are occasionally inclined to cooperate through collusion. Collusion occurs when two or more oligopolistic firms jointly agree to control market prices and quantity and to generally act like a monopoly. Colluding firms set a price and produce a quantity that maximizes industry-wide economic profit, the same price and quantity that would be selected by a profit-maximizing monopoly. Once the industry-wide price and production are determined, each individual firm produces the quantity of output that equates the marginal cost of the firm to the marginal revenue for the industry.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Nothing will ever be attempted if all possible objections must first be overcome. " -- Samuel Johnson, essayist, critic, lexicographer
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SPE
Subgame Perfect Equilibrium
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