5 pages/≈1375 words
Mathematics & Economics
Monopoly Game (Essay Sample)
This paper is a report paper based on the monopoly games that we played in the class. （I have the log of games that recorded the movements in the game please see the files） The instruction of the paper is also in the file. (please contact me if you have any questions or confusions) Before you write the paper, please see and be familiar about the rules of monopoly games. (the most traditional one) If you have any questions,plz contact me as soon as possible. Thank you. Additional requirements: Number of pages: 5 Number of sources: 0 Citation style: mla Academic level: collegeyear2 Course name: Industrial Organization Course level: Midium source..
Name of Student Name of Professor Course Date Monopoly Game Introduction Game theory is a branch of mathematics that gives tools for scrutinizing circumstances in which parties, also known as players, make decisions that are interdependent (Marden and Jeff 873). The interdependency allows each player to consider other players’ strategies and decisions in articulating their personal strategy. A games solution describes the optimal decisions of the parties with similar, mixed interests, opposed, and outcomes likely to result from such decisions (Geckil and Patrick 89). Game theory has been applied to a variety of situations where choices of players interrelate to affect the outcome. The theory goes beyond the classical theory of probability to help in stressing the strategic aspects of decision-making or features controlled by different parties rather than pure chance. From the above play, I employed a simple strategy to win this strategy. Simple Strategy Monopoly is a game of strategy, luck and people skills, there is no specific strategy that guarantees a win to the player. However, there exist certain strategic tips from the computer simulation that can help a player place odds. This does not guarantee a win but one emerges ahead of the rest. The most appropriate behavior is to ensure you understand what other players want so as to ensure you engineer a trade with them which implies a win/win for both of you. A simple strategy requires that a player should always buy Railroads and should not focus on utilities, or avoid buying utilities at full price. A player should always ensure that for every other property available, they should only be bought to complete a monopoly or to prevent a competitor from completing a monopoly. A player should know that at the beginning of the game, they focus on obtaining a complete Color group, even if it involves trading properties to achieve this. After obtaining one of this Color groups, they should immediately build three houses, no more, no less. Immediately the first C-G starts generating cash, a player should focus on completing another C-G and construct another set of three houses. Three houses is the point through which a player makes the best use of their money. If a player does not make a good investment on a single property then they are the least investments. Jail is a good place to be, especially if an opponent has a monopoly, staying on the board will make a player lose money. Events That Led To an Increase or Decrease in My Net Worth The following are some of the events that lead to an increase or a major decrease in my net worth; 1 When I traded my Penn Ave with Emma and received $400 cash and B&O railroad: this was a significant event that saw me increase my cash flow with a whopping $400 from trading my Penn Ave with Emma. This whole event saw me gaining a monopoly on the red. This transaction alone gave me $280 more, this was way above the total worth of Penn Ave. I also got a chance to acquire my third railroad. This will see an increment on my earnings, as I will be charging $100 instead of the usual $50. Additionally, I traded with Mogris for his Kentucky Ave which gave me a monopoly of the red land. The monopoly on the red land will give me the edge to control the market and sway prices of the red land to suit my needs and requirements. This is also a remarkable decision that was fruitful in the game. 2 Another significant event that saw a decrease in my net worth was when I paid $500 to Mogris and then gave Marvin gardens, instead of paying $800 in cash for Tennessee. Instead of parting with $800 I saw it was a wise decision to trade in with another parcel at Tennessee with the Marvin gardens. This gave me the leeway to acquire another asset while trading off a less valuable item. However, this saw a decrease in my cash at hand, it was an increment in the total assets that I own. Apart from spending cash in buying Tennessee, I got another chance to receive rent payments of $750 and another $100 from the railroads. These events are significant in the above game because they show a decrease in my net worth as well as an increase in my cash flow at some point in time. The following are some of the events that I caused that led to a change in another player's net worth; 1 A remarkable event that I caused which had a direct effect on the net worth of any player was when I traded my Marvin gardens with Tennessee. Instead of paying $800 directly to Mogris, I gave an option of trading off my Marvin gardens that was welcomed by Mogris. This had a huge impact on the net worth of the player, instead of getting $800, they received $300 less in cash. This had a direct impact on another player's net worth. Receiving a sum of $750 for rents also have a direct effect on the net worth of particular players. This is effective because it reduces the amount that the player has and the purchasing potential of that particular player is affected. Hence, the event of collecting sums of money is a significant event. 2 Another remarkable scene that had a direct impact on different players’ net worth is when I declined to trade my Penn Ave with Emma when she wanted to have a monopoly on the greens. This had a direct impact on her net worth, in case I would have considered trading my Penn Ave, I would have let Emma control the greens that would have affected every player in the market. A monopoly in a competitive market is a worrying trend that can see different organizations or firms being edged out of the market due to lack of strategies to help improve their positions or to better in the market considering the target market and the size. Industrial Organization Industrial organization is a model that helps organizations in making decisions regarding the optimum output and pricing models to be adopted by the business. In a monopoly game, there are different methods of industrial organization that determine the level of decision making within such an industry (Marden and Jeff 873). These methods of industrial organization have an effect on a monopoly game where the overall outcome is affected by the actions of players within the game. The following are some of the methods of industrial organization that play out within the game; 1 Bargaining power; this refers to the ability of players in a monopoly to exert their influence over one another. In case both parties are on equal footing within an argument then they will have equal bargaining power. During negotiations, most agreements may seem to be mutually acceptable to both parties, it is also necessary to note that in a game theory, actions of one player affects the actions of the next player, hence, game theory helps in understanding situations involving tactical interdependence. In the game, bargaining power plays out when Emma wanted to buy my Penn Ave in order to have a monopoly on the greens which would have been a risky trade to me and other players. 2 Price Discrimination; can be referred to a pricing strategy in which identical or similar products are priced differently by the same service provider. This relies on the willingness of another player to pay for the product. In a game theory price discrimination is often used to strike a balance and hinder another player from achieving monopoly early in the game (Marden and Jeff 873). In our game, this plays out when a player is considered unable to pay for a product because they lack cash at that particular time. For instance, rents are paid out in huge amounts to me and some players are left without cash to buy either land or house and they have to sell other products so as to cope with the market. 3 Collusion; this is where different players play nice to one another in order to limit open competition or with an aim of gaining unfair advantage over other parties. These agreements are not illegal but are exclusive and secretive. In a game theory, co...
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