Game Theory - First Mover Advantage

What is first mover advantage?

First mover advantage is the idea that by being the first to enter a new market, a business gains a commercial advantage over its actual and potential rivals leading to higher revenues and profits over time. There are lots of examples of where first mover advantage is seen as being significant but it is also important to understand that first mover advantage also carries risks.

Revision Video: Applying Game Theory in A-Level Economics

Revision Video: Game Theory in 2018 (Including the First Mover Advantage)