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Noncooperative Game Theory: A Review with Potential Applications to Agricultural Markets

  • Sexton, Richard J.
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    This paper is a survey on noncooperative game theory relevant to agricultural markets. It is divided into two parts. Part I discussed types of noncooperative games and reviews important developments in noncooperative game theory solution concepts, including Nash equilibrium, subgame perfect equilibrium, and perfect Bayesian equilibrium. Strengths and weaknesses of game theory as a modelling tool are also assessed. Part II illustrates applications of the theory to agricultural markets. Game theory is relevant when markets are imperfectly competitive, and this paper argues that this condition is commonly met in agriculture. Specific topics of application include principal-agent models, vertical control, auctions, and bargaining. A shortened version of this paper was published in the Review of Marketing and Agricultural Economics.

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    File URL: http://purl.umn.edu/25183
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    Paper provided by University of Connecticut, Food Marketing Policy Center in its series Research Reports with number 25183.

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    Date of creation: 1993
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    Handle: RePEc:ags:uconnr:25183
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    Web page: http://www.fmpc.uconn.edu/
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    1. Katz, Michael L., 1989. "Vertical contractual relations," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 1, chapter 11, pages 655-721 Elsevier.
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    28. Joyce J. Wann & Sexton Richard J., 1992. "Imperfect Competition in Multiproduct Food Industries with Application to Pear Processing," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 74(4), pages 980-990.
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