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A game theory approach to the Iranian forest industry raw material market
University of Guilan, Iran.
2006 (English)In: Scandinavian Forest Economics, ISSN 0355-032X, p. 225-246Article in journal (Other academic) Published
Abstract [en]

Dynamic game theory is applied to analyze the timber market in northern Iran as a duopsony. The Nash equilibrium and the dynamic properties of the system based on marginal adjustments are determined. When timber is sold, the different mills use mixed strategies to give sealed bids. It is found that the decision probability combination of the different mills follow a special form of attractor and that centers should be expected to appear in unconstrained games. Since the probabilities of different strategies are always found in the interval [0,1], the boundaries of the feasible set are sometimes binding constraints. Then, the attractor becomes a constrained probability orbit. In the studied game, the probability that the Nash equilibrium will be reached is almost zero. The dynamic properties of timber prices derived via the duopsony game model are found also in the real empirical price series from the north of Iran.

Place, publisher, year, edition, pages
2006. p. 225-246
Keywords [en]
Iranian forest industry, game theory, Nash equilibrium, constrained probability orbit
National Category
Economics
Identifiers
URN: urn:nbn:se:miun:diva-37719DOI: 10.22004/ag.econ.198556OAI: oai:DiVA.org:miun-37719DiVA, id: diva2:1371189
Conference
Scandinavian Society of Forest Economics, Uppsala, Sweden, May 2006
Available from: 2019-11-19 Created: 2019-11-19 Last updated: 2019-11-19Bibliographically approved

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Mohammadi Limaei, Soleiman

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Output format
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  • asciidoc
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