Mean Field Games and Oil Production

Olivier Guéant, Jean-Michel Lasry and Pierre Louis Lions ()
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Jean-Michel Lasry: CEREMADE - CEntre de REcherches en MAthématiques de la DEcision - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique
Pierre Louis Lions: CEREMADE - CEntre de REcherches en MAthématiques de la DEcision - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique, Collège de France - Chaire Équations aux dérivées partielles et applications - CdF (institution) - Collège de France

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Abstract: In this paper we study the evolution of oil production in the long run. A first optimization model is presented, that can be solved using Euler-Lagrange tools. Because these classical tools are not the best suited to the model, we adopt a mean field games approach based on two partial differential equations. An extended model is then presented to analyze the influence of new competitors which might enter the market with energy from renewable sources. The usefulness of a subsidy to potential entrants is discussed.

Keywords: Mean; field; games (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (13)

Published in Economica. The Economics of Sustainable Development, 2010

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01393104

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