Game theoretical aspects in modeling and analyzing the shipping industry

Abstract

The shipping industry is known for providing transport service in terms of deploying vessels and accessing ports, making shipping one of the network-based services. From the perspective of traditional as well as neo-economics, shipping is assumed to pursue profit maximization subject to scarce resources, e.g. capital, assets, seafarers, or binding constraints derived from schedules, etc. Players could be any of the following: linkage operators, e.g. liner shipping carriers, port operators, freight forwarders, customs, hinterland haulage carriers, inland navigation carriers, market regulators, etc. Taking into account interdependencies and inter-relations, game theory provides a meaningful way to model and analyze behaviors of the involved players. In this paper we provide a survey on game theoretical approaches within the shipping industry. © 2011 Springer-Verlag.