Application of the Game Theory with Perfect Information to an agricultural company

Suitberto CABRERA García, Josué E. IMBERT Tamayo, Jorge Carbonell-Olivares and Yaylin PACHECO Cabrera
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Suitberto CABRERA García: Deparment of Applied Statistics and Operational Research, and Quality, Polytechnic University of Valencia, Valencia, Spain
Josué E. IMBERT Tamayo: Department of Mathematical Methods, Faculty of Economics and Management, University of Oriente, Santiago de Cuba, Cuba
Jorge Carbonell-Olivares: Deparment of Applied Statistics and Operational Research, and Quality, Polytechnic University of Valencia, Valencia, Spain
Yaylin PACHECO Cabrera: Department of Mathematical Methods, Faculty of Economics and Management, University of Oriente, Santiago de Cuba, Cuba

Agricultural Economics, 2013, vol. 59, issue 1, 1-7

Abstract: This paper deals with the application of Game Theory with Perfect Information to an agricultural economics problem. The goal of this analysis is demonstrating the possibility of obtaining an equilibrium point, as proposed by Nash, in the case of an agricultural company that is considered together with its three sub-units in developing a game with perfect information. Production results in terms of several crops will be considered in this game, together with the necessary parameters to implement different linear programming problems. In the game with perfect information with the hierarchical structure established between the four considered players (a management center and three production units), a Nash equilibrium point is reached, since once the strategies of the rest of the players are known, if any of them would use a strategy different to the one proposed, their earnings would be less than the ones obtained by using the proposed strategies. When the four linear programming problems are solved, a particular case of equilibrium point is reached.

Keywords: agronomy; economics; linear programming methods; production efficiency (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:caa:jnlage:v:59:y:2013:i:1:id:1-2012-agricecon

DOI: 10.17221/1/2012-AGRICECON

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