A dynamic Nash game model of oil market disruption and strategic stockpiling

A dynamic Nash game model of oil market disruption and strategic stockpiling

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Article ID: iaor1990178
Country: United States
Volume: 37
Issue: 6
Start Page Number: 958
End Page Number: 971
Publication Date: Nov 1989
Journal: Operations Research
Authors: , ,
Keywords: game theory
Abstract:

In this paper the authors present and analyze a Nash dynamic game model for investigating public and private sector oil inventory policies in unstable world oil markets. Conceptual results about the model include simple, verifiable conditions for uniqueness and stability of solutions, along with characterizations of optimal policies. The authors also present results and discuss computational issues that arise in determining subgame perfect infinite-horizon equilibria, using a steady-state policy iteration approach.

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