Analysis of the Evolutionary Game Theory in Agent-Based Computational Systems: OPEC Oil-Producing Countries

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KHATAMI SAMANEH

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Journal: ENERGY ECONOMICS REVIEW Year:2020 | Volume:16 | Issue:64 Page(s): 183-216

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Title

Analysis of the Evolutionary Game Theory in Agent-Based Computational Systems: OPEC Oil-Producing Countries

Author(s)

KHATAMI SAMANEH | Issue Writer Certificate

Keywords

Game theoryQ1

Evolutionary game theoryQ1

Agent-based Computational EconomicsQ1

OPECQ2

Abstract

This study suggests a new method for analysing the behavioral economics issues in the framework of Game theory. In this context, bounded rational agents interact with one another in a strategic manner. Therefore, conventional economic modeling techniques are unable to explain these interactions. We use evolutionary Game theory and agent-based modeling as the most suitable tools for studying the dynamic environments of strategic interactions of OPEC members in the period 2015 to 2040. The results of running 4 agent-based behavioral models suggest that despite the split between members (into patient and impatient countries), impatient members enjoy vast oil reserves. But during the evolutionary process, members gradually learn how to play the game against rival groups. There is thus a possibility that more impatient members of OPEC can gain the upper hand during the game against rival groups and undermine their position of market dominance over OPEC.

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APA: Copy

KHATAMI, SAMANEH. (2020). Analysis of the Evolutionary Game Theory in Agent-Based Computational Systems: OPEC Oil-Producing Countries. ENERGY ECONOMICS REVIEW, 16(64 ), 183-216. SID. https://sid.ir/paper/99607/en

Vancouver: Copy

KHATAMI SAMANEH. Analysis of the Evolutionary Game Theory in Agent-Based Computational Systems: OPEC Oil-Producing Countries. ENERGY ECONOMICS REVIEW[Internet]. 2020;16(64 ):183-216. Available from: https://sid.ir/paper/99607/en

IEEE: Copy

SAMANEH KHATAMI, “Analysis of the Evolutionary Game Theory in Agent-Based Computational Systems: OPEC Oil-Producing Countries,” ENERGY ECONOMICS REVIEW, vol. 16, no. 64 , pp. 183–216, 2020, [Online]. Available: https://sid.ir/paper/99607/en

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