Tokyo/Yokohama Metro Map on Still, growing dissatisfaction with the limitations of the empirical analysis and its lack of theoretical foundations gave rise to the second wave, that many have labeled the new industrial organization. This second wave of interest started in the 1970s and was primarily fueled by the fact GAME THEORY imposed itself as a unifying methodology to the analysis of strategic interaction in markets. To a degree, the second wave re-launched the research started by Cournot and Bertrand. The new industrial organization utilizes the tools of microeconomic theory and game theory to analyze strategic interactions among firms in markets that are between the extreme cases of perfect competition and pure monopoly. As a result, new solution concepts such as John NASH’s equilibrium, dominant strategy equilibrium, sub-game perfect equilibrium, to mention a few, have been applied. Non-cooperative, as well as cooperative game theory, are used to explain behavior of firms operating under specific market conditions. Furthermore, dynamic analysis has in many instances replaced the old static approaches to the analysis of market structures. Tokyo/Yokohama Metro Map 2016.
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