OPEC, the Seven Sisters, and oil market dominance: An evolutionary game theory and agent-based modeling approach
Authored by Aaron D Wood, Charles F Mason, David Finnoff
Date Published: 2016
DOI: 10.1016/j.jebo.2016.06.011
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Platforms:
C++
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Abstract
A methodological toolkit comprised of evolutionary game theory and
agent-based modeling is used to study OPEC and the Seven Sisters as they
struggled for control over global petroleum markets during the 1960s and
1970s. An evolutionary game theory model incorporates heterogeneous
populations, energy-specific variables, and behavioral considerations to
capture the fundamentals of the applied problem. An agent-based model is
used to provide detailed results and demonstrate the importance of the
natural resource to the outcome of the model. (C) 2016 Elsevier B.V. All
rights reserved.
Tags
Innovation
Economics
Policy
imitation
Framework
Decision
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Exhaustible resources
Cartel
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