Substitusjonalitet
Substitusjonalitet, also known as substitutability, is a concept in economics and game theory that refers to the ability of one good, service, or strategy to be replaced by another without affecting the overall utility or outcome. This principle is fundamental in understanding consumer behavior, market competition, and strategic decision-making.
In consumer theory, substitusjonalitet explains why consumers choose between different products. For example, if a consumer
In market competition, substitusjonalitet affects the pricing strategies of firms. Highly substitutable products, such as generic
In game theory, substitusjonalitet is crucial in understanding strategic interactions. For example, in a game where
Overall, substitusjonalitet is a key concept in economics and game theory that helps explain how choices are