A dynamic game based analysis on the strategic petroleum reserve policies of developing countries

Ying Fan; Xiao Bing Zhang

doi:10.1109/ICSMC.2010.5641878

A dynamic game based analysis on the strategic petroleum reserve policies of developing countries

Ying Fan^*
, Xiao Bing Zhang

^*Corresponding author for this work

CAS - Institutes of Science and Development

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

Abstract

Strategic petroleum reserves is an effective tool to deal with uncertainties in the oil supply. Some of developing countries have embarked on SPR planning during the past few years, with the expectation of eliminating the effects of future oil-supply disruptions. However, the stockpile acquisition actions possibly raise world oil prices due to exceptional demand, and consequently raise SPR cost. With consideration on security and cost, there are probably interactions among developing countries. This paper developed a stochastic dynamic Nash game model, in which players compete with each other and make individual decisions to minimize their expected total SPR cost. The model, to some extent, can illustrate the results of two players' strategies for building up and drawing down strategic oil reserves.

Original language	English
Title of host publication	2010 IEEE International Conference on Systems, Man and Cybernetics, SMC 2010
Pages	918-922
Number of pages	5
DOIs	https://doi.org/10.1109/ICSMC.2010.5641878
State	Published - 2010
Externally published	Yes
Event	2010 IEEE International Conference on Systems, Man and Cybernetics, SMC 2010 - Istanbul, Turkey Duration: 10 Oct 2010 → 13 Oct 2010

Publication series

Name	Conference Proceedings - IEEE International Conference on Systems, Man and Cybernetics
ISSN (Print)	1062-922X

Conference

Conference	2010 IEEE International Conference on Systems, Man and Cybernetics, SMC 2010
Country/Territory	Turkey
City	Istanbul
Period	10/10/10 → 13/10/10

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 7 Affordable and Clean Energy

Keywords

Dynamic game
Energy security
Stochastic programming
Strategic petroleum reserve

Access to Document

10.1109/ICSMC.2010.5641878

Cite this

Fan, Y., & Zhang, X. B. (2010). A dynamic game based analysis on the strategic petroleum reserve policies of developing countries. In 2010 IEEE International Conference on Systems, Man and Cybernetics, SMC 2010 (pp. 918-922). Article 5641878 (Conference Proceedings - IEEE International Conference on Systems, Man and Cybernetics). https://doi.org/10.1109/ICSMC.2010.5641878

@inproceedings{8d4f58a948b94129adf261acfe0ae57e,

title = "A dynamic game based analysis on the strategic petroleum reserve policies of developing countries",

abstract = "Strategic petroleum reserves is an effective tool to deal with uncertainties in the oil supply. Some of developing countries have embarked on SPR planning during the past few years, with the expectation of eliminating the effects of future oil-supply disruptions. However, the stockpile acquisition actions possibly raise world oil prices due to exceptional demand, and consequently raise SPR cost. With consideration on security and cost, there are probably interactions among developing countries. This paper developed a stochastic dynamic Nash game model, in which players compete with each other and make individual decisions to minimize their expected total SPR cost. The model, to some extent, can illustrate the results of two players' strategies for building up and drawing down strategic oil reserves.",

keywords = "Dynamic game, Energy security, Stochastic programming, Strategic petroleum reserve",

author = "Ying Fan and Zhang, \{Xiao Bing\}",

year = "2010",

doi = "10.1109/ICSMC.2010.5641878",

language = "英语",

isbn = "9781424465880",

series = "Conference Proceedings - IEEE International Conference on Systems, Man and Cybernetics",

pages = "918--922",

booktitle = "2010 IEEE International Conference on Systems, Man and Cybernetics, SMC 2010",

note = "2010 IEEE International Conference on Systems, Man and Cybernetics, SMC 2010 ; Conference date: 10-10-2010 Through 13-10-2010",

}

Fan, Y & Zhang, XB 2010, A dynamic game based analysis on the strategic petroleum reserve policies of developing countries. in 2010 IEEE International Conference on Systems, Man and Cybernetics, SMC 2010., 5641878, Conference Proceedings - IEEE International Conference on Systems, Man and Cybernetics, pp. 918-922, 2010 IEEE International Conference on Systems, Man and Cybernetics, SMC 2010, Istanbul, Turkey, 10/10/10. https://doi.org/10.1109/ICSMC.2010.5641878

A dynamic game based analysis on the strategic petroleum reserve policies of developing countries. / Fan, Ying; Zhang, Xiao Bing.
2010 IEEE International Conference on Systems, Man and Cybernetics, SMC 2010. 2010. p. 918-922 5641878 (Conference Proceedings - IEEE International Conference on Systems, Man and Cybernetics).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

TY - GEN

T1 - A dynamic game based analysis on the strategic petroleum reserve policies of developing countries

AU - Fan, Ying

AU - Zhang, Xiao Bing

PY - 2010

Y1 - 2010

N2 - Strategic petroleum reserves is an effective tool to deal with uncertainties in the oil supply. Some of developing countries have embarked on SPR planning during the past few years, with the expectation of eliminating the effects of future oil-supply disruptions. However, the stockpile acquisition actions possibly raise world oil prices due to exceptional demand, and consequently raise SPR cost. With consideration on security and cost, there are probably interactions among developing countries. This paper developed a stochastic dynamic Nash game model, in which players compete with each other and make individual decisions to minimize their expected total SPR cost. The model, to some extent, can illustrate the results of two players' strategies for building up and drawing down strategic oil reserves.

AB - Strategic petroleum reserves is an effective tool to deal with uncertainties in the oil supply. Some of developing countries have embarked on SPR planning during the past few years, with the expectation of eliminating the effects of future oil-supply disruptions. However, the stockpile acquisition actions possibly raise world oil prices due to exceptional demand, and consequently raise SPR cost. With consideration on security and cost, there are probably interactions among developing countries. This paper developed a stochastic dynamic Nash game model, in which players compete with each other and make individual decisions to minimize their expected total SPR cost. The model, to some extent, can illustrate the results of two players' strategies for building up and drawing down strategic oil reserves.

KW - Dynamic game

KW - Energy security

KW - Stochastic programming

KW - Strategic petroleum reserve

UR - https://www.scopus.com/pages/publications/78751549077

U2 - 10.1109/ICSMC.2010.5641878

DO - 10.1109/ICSMC.2010.5641878

M3 - 会议稿件

AN - SCOPUS:78751549077

SN - 9781424465880

T3 - Conference Proceedings - IEEE International Conference on Systems, Man and Cybernetics

SP - 918

EP - 922

BT - 2010 IEEE International Conference on Systems, Man and Cybernetics, SMC 2010

T2 - 2010 IEEE International Conference on Systems, Man and Cybernetics, SMC 2010

Y2 - 10 October 2010 through 13 October 2010

ER -

A dynamic game based analysis on the strategic petroleum reserve policies of developing countries

Abstract

Publication series

Conference

UN SDGs

Keywords

Access to Document

Other files and links

Fingerprint

Cite this