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A Modified Duopoly Game Model In Bulk Commodity Transportation Markets

Author

Listed:
  • ZHIYONG YANG

    (Exmar Offshore Company, 11511 Katy Freeway Ste 200, Houston, TX 77069, USA)

  • A. N. PERAKIS

    (Department of Naval Architecture and Marine Engineering, University of Michigan, Ann Arbor, USA)

Abstract

In this paper, we try to analyze the interactions among the shippers and the carriers, including the rail and marine shipping industry, in the bulk shipping market. Our paper presents both a two-player game model, and a two-stage, three-player, game model that includes the buyer as an active player. Assuming the players have complete information, we derive an analytical solution to a two-stage, three-player game with capacity constraints. We also present a numerical algorithm to solve a two-stage, three-player game with complete information. A grain transportation scenario in the Great Lakes and St. Lawrence Seaway is used to illustrate our models. The results suggest that the two-stage, three-player game model has a better prediction capability than the duopoly game model in the bulk shipping competition problem.

Suggested Citation

  • Zhiyong Yang & A. N. Perakis, 2007. "A Modified Duopoly Game Model In Bulk Commodity Transportation Markets," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 9(02), pages 269-284.
    • Handle: RePEc:wsi:igtrxx:v:09:y:2007:i:02:n:s0219198907001394
    DOI: 10.1142/S0219198907001394
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    More about this item

    Keywords

    Game theory; duopoly game; a two-stage; three-player game; game with complete information; capacity constraints;
    All these keywords.

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • C0 - Mathematical and Quantitative Methods - - General
    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D7 - Microeconomics - - Analysis of Collective Decision-Making
    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics

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