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Dynamic Analysis Of The Cooperation And Competition Relationship In The Oil And Gas Industry In Romania

Author

Listed:
  • Doriana Andreea Ramescu

    (Faculty of Economics and Business Administration, West University of Timisoara, Timisoara, Romania)

  • Nicoleta Sirghi

    (Faculty of Economics and Business Administration, West University of Timisoara, Timisoara, Romania)

  • Mihaela Neamtu

    (Faculty of Economics and Business Administration, West University of Timisoara, Timisoara, Romania)

Abstract

The aim of the paper is to analyse the cooperation and competition relationship in the oil and gas industry in Romania using the game theory. The players are the companies, the payoffs are the profits obtained by the entities and there are two strategies as cooperation and competition. Two cases are considered: duopolistic and triopolistic market. The mathematical models have as variables the probabilities of choosing cooperation and competition by each player. They are described by two and three nonlinear differential equations. The time delay is introduced in order to highlight the time between choosing a strategy and its effect. The case studies use real data for two and three companies, respectively, with two scenarios related to the obtained payoffs if they cooperate or not. The time evolutions of the variables are carried out using Wolfram Mathematica 9. Finally, some conclusions and future research are drawn.

Suggested Citation

  • Doriana Andreea Ramescu & Nicoleta Sirghi & Mihaela Neamtu, 2019. "Dynamic Analysis Of The Cooperation And Competition Relationship In The Oil And Gas Industry In Romania," Oradea Journal of Business and Economics, University of Oradea, Faculty of Economics, vol. 4(2), pages 16-25, September.
    • Handle: RePEc:ora:jrojbe:v:4:y:2019:i:2:p:16-25
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    More about this item

    Keywords

    competition; cooperation; oligopolistic market; evolutionary games; replicator dynamics.;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • H32 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Firm

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