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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, dans Fessler, Damien; Lautier, Delphine; Lasry, Jean-Michel, The Economics of Sustainable Development, Economica : Paris

Type
Chapitre d'ouvrage
Date
2010
Titre de l'ouvrage
The Economics of Sustainable Development
Auteurs de l’ouvrage
Fessler, Damien; Lautier, Delphine; Lasry, Jean-Michel
Éditeur
Economica
Ville d’édition
Paris
Isbn
978-2-7178-5851-8
Nombre de pages
368
Métadonnées
Afficher la notice complète
Auteur(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]
Résumé (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.
Mots-clés
Mean field games