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https://d1y502jg6fpugt.cloudfront.net/17269/archive/files/1cb86bb17fd72eaf1e5ec8137dbf4d70.pdf?Expires=1712793600&Signature=tnGA77oFXbOxcakKHP5CJBPEhvV%7E9NZDN7ixToS-nqIejumxmBoqMWbp9liS7x5AF6-49HcIUPntZriIYYwA5Axi7nbmKVaMCFiYDYvFtWIA0fIGTOHP3DpBqZy0ZPyIrE53OvEWbPbqQbgkCLK-Jvq6rw8UUXIZcdZSPye4RvXQuFqsXdB-2BNJzOawdOV%7EUDcVmTUhYGmDvQnyQ8VFUQIbYmjz3ygPMPMHZYRneiAoXrfIuI5xW9GcgOCrCjDPiELwLOwits%7E3M9lTYcrz%7EF2PGEo6Dmkg5TGdFXzRRP01VMuC80QiUMlH4kTyCI%7EHKQE8o8yvmvNASdnnZ39xCg__&Key-Pair-Id=K6UGZS9ZTDSZM
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Dublin Core
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Title
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Senior Showcase 2015
Description
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Oral and poster presentations from Senior Showcase held on April 23, 2015 at Ripon College.
Creator
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Ripon College
Publisher
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Ripon College Lane Library
Date
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April 23, 2015
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Scholars Week
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pdf
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Dublin Core
The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/.
Title
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OPEC and the Crude Oil Market with Game Theory Applications by Alexandra Haen
Subject
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Economics
Description
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The Organization of the Petroleum Exporting Countries (OPEC) has been a major player in the world market for crude oil ever since the organization’s formation in 1960. While there are oil-exporting countries that are not members of this organization, their production decisions and opportunities for profit have in the past been greatly affected by the decisions of OPEC. In the context of game theory, literature has struggled to determine the “rules of the game” regarding OPEC’s recent performance and the strategies its member countries are “playing”. This paper summarizes recent research and game theory analysis of the crude oil industry, discusses the Prisoner’s Dilemma game and applies it to the production and strategy options for each player, and calculates relative payoffs and total market output in a setting where Saudi Arabia acts as a Stackelberg leader. Additionally, the development of trigger strategies will be applied to OPEC’s current situation in an attempt to describe the subgame perfect equilibrium in which the member countries can sustain collusion.
Creator
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Haen, Alexandra
Source
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Senior Showcase Poster presentation
Publisher
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Ripon College
Date
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April 23, 2015
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The author reserves all rights.
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pdf
Identifier
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Majors: Economics, Business Management
Schofield, Wisconsin
ECO 346 - Game Theory for Business and Economics
Economics
game theory
oil
OPEC