ANALYSIS OF INTERNATIONAL OIL PRODUCTION COMPETITION USING GAME THEORY

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dc.authoridKaplan, Fatih/0000-0001-7417-1126
dc.contributor.authorCelik, Kayhan
dc.contributor.authorKaplan, Fatih
dc.date.accessioned2025-03-17T12:25:22Z
dc.date.available2025-03-17T12:25:22Z
dc.date.issued2022
dc.departmentTarsus Üniversitesi
dc.description.abstractThe assumption that the players in the international crude oil market are OPEC (Organization of Petroleum Exporting Countries) member countries and non-OPEC oil producing countries is common. The fact that the players enter into a competitive tendency by using various strategy sets such as production level and price with the aim of maximizing profit and / or controlling the oil markets reveals that the market in question can be analyzed with game theory models. The aim of this study is to analyze the competitive oil production amounts of OPEC and non-OPEC countries on the basis of game theory. For this purpose, the production amounts and crude oil price series of these players covering the period 1972-2019 were used. The coefficients of production functions that indicate the existence of competition in oil markets are estimated by the Fully Modified Ordinary Least Square (FMOLS) method. Coumot-Nash and Stackelberg equilibrium solutions are calculated based on the obtained models. According to the Coumot-Nash equilibrium, at the Stackelberg equilibrium, it was observed that the production level of the leader player increased and the production level of the follower player decreased. The findings are in line with studies in which Coumot-Nash equilibrium outputs are higher than Stackelberg equilibrium outputs. It is suggested that the players stay in the Coumot-Nash equilibrium in order to reach the optimal level of production through production quantity and price strategies
dc.identifier.doi10.30798/makuiibf.914942
dc.identifier.endpage1013
dc.identifier.issn2149-1658
dc.identifier.issue2
dc.identifier.scopusqualityN/A
dc.identifier.startpage994
dc.identifier.trdizinid1162143
dc.identifier.urihttps://doi.org/10.30798/makuiibf.914942
dc.identifier.urihttps://search.trdizin.gov.tr/tr/yayin/detay/1162143
dc.identifier.urihttps://hdl.handle.net/20.500.13099/1619
dc.identifier.volume9
dc.identifier.wosWOS:000870039700013
dc.identifier.wosqualityN/A
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakTR-Dizin
dc.language.isotr
dc.publisherMehmet Akif Ersoy Univ
dc.relation.ispartofJournal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_WOS_20250316
dc.subjectOil Market
dc.subjectOPEC
dc.subjectCournot-Nash Equilibrium
dc.subjectStackelberg Equilibrium
dc.subjectGame Theory
dc.titleANALYSIS OF INTERNATIONAL OIL PRODUCTION COMPETITION USING GAME THEORY
dc.typeArticle

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