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Economics

Q. April 20, 2004 Game theory Repeated Games Summary on Market Structure Chapter 15 Market Failures pp. Example with Political Parties What type of party policy to adopt? re are two broad types of views Right wing and left wing re are only 2 parties When this game is played each party decides where to locate on continuum To win election y need Or more of votes Where should y locate along party lines? First assume republicans adopt a very right wing agenda What type of agenda should democrats adopt to win election? By choosing to right of mid point but to left of republican agenda democrats would get more than half of votes and win What happens if democrats have a fairly socialist party agenda and locate to left of midpoint?

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