A Review of Game Theory and Multi-Criteria Decision-Making Methods with 10 Application to the Oil Production and Price

Abstract

The oil production and price issues have been discovered a long time ago, and always be a continuous problem to the globe especially during the current global threats of the coronavirus pandemic. This paper provides a literature review that involves game theory and multi-criteria decision-making (MCDM) methods with its applications to oil production and price problems. This paper identifies and analyses the use of the game theory and MCDM methods on oil production and price to compare the situation studied, to determine the model that has been used, the trend of past literature and also the details of the basic elements for the game theory framework. Therefore, the oil production and price problem using the game theory and MCDM methods are reviewed and numerous applications studied from the past works of literature are highlighted. The trend of oil production and price which used the game theory and MCDM methods based on the year 2001 till 2021 is still lacking sources from the Web of Science and Scopus databases. The main contribution of the recent study is the employment of the game theory and MCDM methods to the oil production and price problem. Keywords: Game theory; MCDM; oil production; oil price