Mixed strategy game theory, application in forest industry

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Mohammadi Limaei, SoleimanUniversity of Guilan, Someh Sara, Iran (författare)

Mixed strategy game theory, application in forest industry

Artikel/kapitelEngelska2010

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Elsevier BV,2010
printrdacarrier

Nummerbeteckningar

LIBRIS-ID:oai:DiVA.org:miun-37468
https://urn.kb.se/resolve?urn=urn:nbn:se:miun:diva-37468URI
https://doi.org/10.1016/j.forpol.2010.06.009DOI

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Språk:engelska
Sammanfattning på:engelska

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Two large paper mills dominate the forest industry in northern Iran. Forest companies and local farmers sell pulpwood to these mills. The real pulpwood price data was collected from two paper mills in the northern part of Iran. These mills buy most pulpwood in this area. Game theory has been used in order to investigate the market structure in this region. Game theory is the study of interacting decision makers. Game theory has been widely used in economics. Most economic behaviour can be viewed as a special case of game theory. A game model includes a set of players, a set of strategies and a set of payoffs. This study focuses on the theory of dynamic duopsony games. When pulpwood is sold, the different mills use mixed strategies to give sealed bids. In each transaction, each mill (player) has two different possible strategies (decisions): a high (H) or a low (L) prices. Which price should you set? What is the optimal price of the other player? Here the situation is a noncooperative game. Nash equilibrium and dynamic properties of the system are determined. Each mill continuously observes the frequencies of the other mills action. The expected marginal profits are calculated based on this information. In case the marginal profit of mill A is strictly positive (zero or strictly negative), mill A increases (leaves unchanged, decreases) bids. In case the marginal profit of mill B is strictly positive (zero or strictly negative), mill B increases (leaves unchanged, decreases) bids. It is found that the decision probability combination of the different mills follow a special form of attractor and that centers should be expected to appear in unconstrained games.

Ämnesord och genrebeteckningar

SAMHÄLLSVETENSKAP Ekonomi och näringsliv Nationalekonomi hsv//swe
SOCIAL SCIENCES Economics and Business Economics hsv//eng

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University of Guilan, Someh Sara, Iran (creator_code:org_t)

Sammanhörande titlar

Ingår i:Forest Policy and Economics: Elsevier BV12:7, s. 527-5311389-93411872-7050

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Forest Policy and Economics (Sök värdpublikationen i LIBRIS)

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SAMHÄLLSVETENSKAP: SAMHÄLLSVETENSKA ...; och Ekonomi och näri ...; och Nationalekonomi

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Av lärosätet: Mittuniversitetet

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