What is meant by \"first-mover advantage\"? Give an example of a gaming situatio

Question

What is meant by "first-mover advantage"? Give an example of a gaming situation with a first-mover advantage. "First-mover advantage" is where the player that moves first A. punishes its opponent by reducing its opponent's payoffpunishes its opponent by reducing its opponent's payoff. B. maximizes the minimum gain it can earn. C. maximizes joint payoffs for all players. D. maximizes its own payoff no matter what its opponent does. E. receives the highest payoff. An example of a gaming situation with a first-mover advantage is A. checkerscheckers. B. connect dash 4connect-4. C. rock, paper, scissors. D. both a and b. E. all of the above.

Explanation / Answer

When a company takes the initiative to bring a specific product to the market which enables it to establish a strong hold to the market for its acceptance by all range of customers and customers royalty, it is called first mover advantage due to the competitive advantagesgained by the company over others. For e.g- many consumers who use toothpaste still refer the name of 'colgate' to different brands. Colgate is a brand name whose marketing tactics was so strong due to its first mover advantages in the market that the product brand name became synonyms with the products.

"First mover advantage' is where the player that moves first

d) Maximises its own payoff no matter what its opponents does

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