DYNAMIC ANALYSIS OF THE COOPERATION AND COMPETITION RELATIONSHIP IN THE OIL AND GAS INDUSTRY IN ROMANIA

Doriana Andreea Ramescu (), Nicoleta Sirghi and Mihaela Neamtu ()
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Doriana Andreea Ramescu: Faculty of Economics and Business Administration, West University of Timisoara, Timisoara, Romania
Mihaela Neamtu: Faculty of Economics and Business Administration, West University of Timisoara, Timisoara, Romania

Oradea Journal of Business and Economics, 2019, vol. 4, issue 2, 16-25

Abstract: The aim of the paper is to analyse the cooperation and competition relationship in the oil and gas industry in Romania using the game theory. The players are the companies, the payoffs are the profits obtained by the entities and there are two strategies as cooperation and competition. Two cases are considered: duopolistic and triopolistic market. The mathematical models have as variables the probabilities of choosing cooperation and competition by each player. They are described by two and three nonlinear differential equations. The time delay is introduced in order to highlight the time between choosing a strategy and its effect. The case studies use real data for two and three companies, respectively, with two scenarios related to the obtained payoffs if they cooperate or not. The time evolutions of the variables are carried out using Wolfram Mathematica 9. Finally, some conclusions and future research are drawn.

Keywords: competition; cooperation; oligopolistic market; evolutionary games; replicator dynamics. (search for similar items in EconPapers)
JEL-codes: C02 C73 D21 D50 H32 (search for similar items in EconPapers)
Date: 2019
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