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Mean Field Games and Oil Production

Guéant, Olivier; Lasry, Jean-Michel; Lions, Pierre-Louis (2010), Mean Field Games and Oil Production, in Fessler, Damien; Lautier, Delphine; Lasry, Jean-Michel, The Economics of Sustainable Development, Economica : Paris

Type
Chapitre d'ouvrage
Date
2010
Book title
The Economics of Sustainable Development
Book author
Fessler, Damien; Lautier, Delphine; Lasry, Jean-Michel
Publisher
Economica
Published in
Paris
ISBN
978-2-7178-5851-8
Number of pages
368
Metadata
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Author(s)
Guéant, Olivier
Laboratoire Jacques-Louis Lions [LJLL]
Lasry, Jean-Michel
CEntre de REcherches en MAthématiques de la DEcision [CEREMADE]
Lions, Pierre-Louis
CEntre de REcherches en MAthématiques de la DEcision [CEREMADE]
Abstract (EN)
In this paper we study the evolution of oil production in the long run. A first optimization model is presented, that can be solved using Euler-Lagrange tools. Because these classical tools are not the best suited to the model, we adopt a mean field games approach based on two partial differential equations. An extended model is then presented to analyze the influence of new competitors which might enter the market with energy from renewable sources. The usefulness of a subsidy to potential entrants is discussed.
Subjects / Keywords
Mean field games