Introduction to Information Retrieval: Relevance Feedback & Query Expansion
In this lecture, you'll delve into interactive relevance feedback methods and query expansion techniques to enhance information retrieval systems. Discover how to improve recall in searches by incorporating manual thesauri, automatic thesauri, and query logs for expanding search queries.
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Presentation Transcript
Two Alternative Theories of Pricing Behavior 13A
Two Alternate Theories Two alternative theories argue that oligopolists will form long-lasting cartels. Kinked demand curve Price leadership
The Kinked Demand Curve Theory Oligopolists have a greater tendency to respond aggressively to rivals price cuts but will ignore price increases. Suppose a group of firms have agreed on some price. If one of the firms increases its price: The other firms keep their prices the same. If one of the firms decreases its price: The other firms match that price decrease.
Price Leadership Price leadership A single firm that produces a large share of total output is the price leader. It sets a price that maximizes its profits, and smaller firms match that price. Price leadership is not illegal since it involves tacit collusion, not explicit collusion. Airlines The leader airline sets the fare for a given route, and others follow.
