Analysis of the Evolutionary Game Theory in Agent-Based Computational Systems: OPEC Oil-Producing Countries

This study suggests a new method for analysing the behavioral economics issues in the framework of game theory. In this context, bounded rational agents interact with one another in a strategic manner. Therefore, conventional economic modeling techniques are unable to explaine this kind of interactions. In this regard, evolutionary game theory and agent-based modeling are known as the most suitable tools for studying the dynamic environments of strategic interactions of OPEC members in the period of 2015 to 2040. The results of implementation of 4 agent-based behavioral models suggest that despite the split between members (countries impatient and patient), impatient members enjoy of vast oil reserves. But during the evolutionary process, members gradually learn the type of policy against rival groups. So, there is the possibility to benefit more impatient members of OPEC during the game in having more market share against rival groups and expel them from a position of market dominance over OPEC.