An Analysis of the Behavior of OPEC With the Approach of Evolutionary Game Theory
Author(s):
Article Type:
Research/Original Article (دارای رتبه معتبر)
Abstract:
This paper implements an approach to examine economic problems in which rational agents interact in dynamic markets. We use evolutionary game theory and agent-based modeling in tandem as a means to address intertemporal problems that display evolutionary attributes. This study examines the behavior of the Organization of Petroleum Exporting Countries (OPEC) in the global oil markets during the 1960s and 1970s, which sought to control global oil markets during this period.. To address this, a symmetric evolutionary game theory model is used to examine the behavior of OPEC agents as they learned to take control of their resources. An agent-based modeling approach employs computational power to implement the evolutionary game and provide detailed results. It is shown that OPECs behavior over the period is dependent on the growth of petroleum reserves within the member nations. Increasing realizations of natural resource reserves spur increased rates of learning and experimentation, and this enables the cartel to act cooperatively and capture control of global petroleum markets. If reserves are kept constant, OPEC lingers at a state in which the cartel does not come to dominate world oil markets.
Keywords:
Language:
Persian
Published:
Journal of Economic Modeling Research, Volume:9 Issue: 31, 2018
Pages:
103 to 130
https://magiran.com/p1836064
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