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Martin Shubik brings classical oligopoly theory and research in mathematical economics close to new studies in industrial organization and simple game experiments in this imaginative and important new work. He engages the reader by creating a market model and by explaining its availability as a computer program, thus promoting interest in game experiments. In all, he admirably succeeds in increasing our understanding of the meaning of competitive and cooperative behavior and of market structure.
This unusual book covers a variety of topics: economic explanation, model building, analyses of duopoly and oligopoly, product differentiation, contingent demand, demand fluctuations, the study of non-symmetric markets, and advertising. All of these parts of Shubik’s overall pattern of interpretation may also be used in a game which, more or less, coincides with the exposition of theory and the subject matter of accounting. A complete linking of basic accounting items to the oligopoly model and theory is made. Shubik bridges the gap between information as it appears to the businessman—the player in the game—and the economic model and abstraction of the market as it appears to the economic theorist.