Assignment Question
Write an essay the TOPIC is price wars between merchants. Price wars are a common strategy in business competition. Its should relevance to game theory. When multiple merchants offer similar products or services, price cuts become a common option in order to compete for market share. However, if all merchants choose to reduce prices, it may eventually lead to losses for all merchants. In this case, the Nash equilibrium of game theory suggests that finding an equilibrium between price reduction and no price reduction may be the best choice. This stage is to pick a specific price war (e.g., Amazon vs. Wal-Mart) so that you can be precise in outlining the game. Price wars can occur in a variety of contexts, and it would be difficult to model all of them with the same game tree.
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