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Conflict Resolution in Competitive Liberalized Railway Market: Application of Game Theoretic Concepts

Author

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  • Shahin Shakibaei

    (Department of Transportation Engineering, Civil Engineering Faculty, Istanbul Technical University, 34469 Istanbul, Turkey)

  • Pelin Alpkokin

    (Department of Transportation Engineering, Civil Engineering Faculty, Istanbul Technical University, 34469 Istanbul, Turkey)

Abstract

Public–Private Partnership (PPP) approaches in provision of public infrastructure projects usually involve conflicts. A win–win situation would be the desired goal of such collaborations for both public and private parties. However, stakeholders’ behaviors might result in undesirable worse conditions. Identification and interpretation of the involved parties’ individualistic behaviors to PPP problems can be addressed by game theory where it describes the inclinations and interactions of different parties who are in search of satisfying their self-interest-based objectives rather than system-wide approaches. Outcomes predicted by game theory, which are based on individuality, often differ from those presented by conventional optimization methods and they are more realistic. This study mainly scrutinizes the applicability of game theory into PPP rail projects and conflict resolution. The paper also evaluates the dynamic structure of the PPP problems and highlights the importance of consideration of the game’s evolutionary nature while studying such problems.

Suggested Citation

  • Shahin Shakibaei & Pelin Alpkokin, 2020. "Conflict Resolution in Competitive Liberalized Railway Market: Application of Game Theoretic Concepts," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 22(01), pages 1-21, March.
    • Handle: RePEc:wsi:igtrxx:v:22:y:2020:i:01:n:s0219198919500130
    DOI: 10.1142/S0219198919500130
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    More about this item

    Keywords

    Game theory; public–private partnership; prisoner dilemma; chicken game; stag-hunt game; Nash equilibrium; Pareto optimality;
    All these keywords.

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • R42 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Government and Private Investment Analysis; Road Maintenance; Transportation Planning

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