Conception of Strategic Behaviours on the Local Mineral Market in The n-Person Game Model - Issue Outline

Krzak Mariusz
Additional contact information
Krzak Mariusz: AGH Akademia Górniczo-Hutnicza, Kraków

Gospodarka Surowcami Mineralnymi / Mineral Resources Management, 2012, vol. 28, issue 2, 67-86

Abstract: Mineral markets, in spite of many common features with other goods markets, are distinctive. Their functioning sometimes deviates from the rules of the free market. This feature results from the specificity of acquiring the good being an object of trade. In general, changes in the supply of strategic raw materials are indicated earlier (characterized by a lengthy investment cycle from deposit reconnaissance to mining development), develop slowly, andare inelastic. Demand for common mineral raw materials often has a clear and economic character. However, mineral markets as well as markets of other goods have a common feature - the fact that both are a place where an incessant game is being played. In general, two types of strategic behaviours are distinguished: competition or cooperation.This paper recalls an existingmodel known as the oilmarket game. Based on a three-entitymarket of aggregate producers, an attempt has been made to model entrepreneurs' behaviour. The analysis applies n-person game theory. Game theory enables the evaluation of diverse potential coalitions forming. Possible strategies of activity coming from the prospect of cooperation (or its omission) are presented. Expected payoffs are estimatedfor possible alliances. Proposals forthe division of the payoffsamong the participants forming the coalition are also suggested.

Keywords: Mineral market; cooperation; n-person games; imputation; strategy (search for similar items in EconPapers)
Date: 2012
References: Add references at CitEc
Citations:

Downloads: (external link)
https://doi.org/10.2478/v10269-012-0013-3 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:vrs:gosmin:v:28:y:2012:i:2:p:67-86:n:3

DOI: 10.2478/v10269-012-0013-3

Access Statistics for this article

Gospodarka Surowcami Mineralnymi / Mineral Resources Management is currently edited by Ney Roman

More articles in Gospodarka Surowcami Mineralnymi / Mineral Resources Management from Sciendo
Bibliographic data for series maintained by Peter Golla ().