Mathematics Think Tank

A mean field game approach to oil production

R. Carmona, F. Delarue, A. Lachapelle in Journal of Mathematical Economics, Volume 47, Issue 7, 2011

The following text integrates into one coherent exposition several contributions that have been published by Pierre-Louis Lions, Jean-Michel Lasry and Olivier Guéant in various places on the application of mean field games to model the production of a non-renewable good such as oil.

These contributions are:

  • “A mean field game application to economics: production of an ex- haustible resource”, published in “Paris-Princeton lectures in mathe- matical finance”, Princeton Press, 2009
  • “Mean field games and oil production” published in “Finance and Sus- tainable Development”, Economica, 2009
  • “Pic de Hubbert, rente de Hotelling et MFG”, published in the proceed- ings of the conference “Printemps de la Chaire Finance et D ́eveloppement Durable”, May 6th 2009
  • “Oil production and strategic interactions with substitutes: a Mean- Field Game approach”, published in the proceedings of the Workshop “Optimization, Transport and Equilibrium in Economics” at the Ecole des Mines, July 6th 2009
  • “Dynamique de production d’une ressource ́epuisable : une approche MFG” published in the proceedings of the conference “D ́efis actuels de la Finance”, held at Universit ́e Paris 13, November 12th 2009.
Download publication

See other publications