A NOVEL MODEL FOR DECISION–MAKING ON OPEC PRODUCTION LEVEL BASED ON OIL PRICE PREDICTION AND GAME THEORY

Authors

1 university

2 shahed university

Abstract

In this paper, a novel hybrid model based on neural network and Game Theory is proposed to support the analyzers in oil market. In this model, first the neural network is utilized to learn the oil prices associated with OPEC production level and USA imports level. Then the learned neural network is applied by a game model. Finally the Nash equilibrium points of the game present the optimum decision which can be decided by OPEC. In experimental studies, the proposed model is applied to determine the best decision at March 2012. According to the results, the model can be used for OPEC decision-making and oil prices prediction.

Keywords

References

 
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Journal of Modeling in Engineering
Volume 11, Issue 35
December 2013
Pages 63-76

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History

  • Receive Date: 28 January 2017
  • Revise Date: 25 September 2017
  • Accept Date: 28 January 2017

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