Facts about the course
- ECTS Credits:
- 2.5
- Responsible department:
- Faculty of Logistics
- Course Leader:
- Katerina Shaton
- Lecture Semester:
- Autumn
- Teaching language:
- English
- Duration:
- ½ year
LOG904-114 Game Theory Applied in Petroleum (Autumn 2018)
About the course
This course will provide understanding of the main concepts of Game Theory and its applications in the oil and gas market research. The lectures will combine theoretical concepts with real market applications. A considerable attention will be paid to the newest research directions in the area of petroleum market modelling and analysis. Depending on the distribution of interests in the group, the focus may be placed either on the non-technical analysis of interactions of the market participants or on the numerical equilibrium modelling (mixed complementarity problems with GAMS).
Topics covered: normal-form games, extensive-form games, main solution concepts (Nash equilibrium, Pareto optimality, etc.), routing games, coalitional games, basic elements of mechanism design and auction theory. Overview of the petroleum markets in Europe and Norway. Application of the game-theoretic concepts in the research on oil and gas markets.
The course is connected to the following study programs
- Master of Science in Logistics
- Experience-based Master in Logistics
- Master of Science in Petroleum Logistics
- Exchange programme - Master's level
- Master of Science in Sustainable Transport and Urban Mobility
Recommended requirements
Basic knowledge of calculus and probability theory is an advantage. Participation in SØK710 Industrial Organization can be a benefit, but not a prerequisite.
The student's learning outcomes after completing the course
The students will be able to understand and analyse the game-theoretic approaches used in the contemporary research on petroleum markets; and use and apply game theory to modelling and analysis of interactions between parties in other markets.
Forms of teaching and learning
The seminar will consist of three hours lecturing every day, with in-class problem solving and discussions. The home assignments will include exercises, based on the material covered in the lectures, and analysis of research papers.
Examination
- Form of assessment: Home assessment
- Proportion: 40%
- Duration: -
- Grouping: Individual
- Grading scale: Letter (A - F)
- Support material: All printed and written supporting material
- Form of assessment: Home assessment
- Proportion: 60%
- Duration: -
- Grouping: Individual
- Grading scale: Letter (A - F)
- Support material: All printed and written supporting material