Game theoretic models for energy production

Michael Ludkovski, Ronnie Sircar

Research output: Contribution to journalArticle

2 Scopus citations

Abstract

We give a selective survey of oligopoly models for energy production which capture to varying degrees issues such as exhaustibility of fossil fuels, development of renewable sources, exploration and new technologies, and changing costs of production. Our main focus is on dynamic Cournot competition with exhaustible resources. We trace the resulting theory of competitive equilibria and discuss some of the major emerging strands, including competition between renewable and exhaustible producers, endogenous market phase transitions, stochastic differential games with controlled jumps, and mean field games.

Original languageEnglish (US)
Pages (from-to)317-333
Number of pages17
JournalFields Institute Communications
Volume74
DOIs
StatePublished - 2015

All Science Journal Classification (ASJC) codes

  • Mathematics(all)

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