OPEC, the Seven Sisters, and oil market dominance: An evolutionary game theory and agent-based modeling approach

Aaron Wood (), Charles Mason and David Finnoff

Journal of Economic Behavior & Organization, 2016, vol. 132, issue PB, 66-78

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.

Keywords: Evolutionary game theory; Agent-based modeling; Energy economics; Behavioral economics; OPEC; Seven Sisters (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jeborg:v:132:y:2016:i:pb:p:66-78

DOI: 10.1016/j.jebo.2016.06.011

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