Extend the model in the lecture in one direction (see below).Build a new game

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Extend the model in the lecture in one direction (see below).Build a new game, explain what you did, justify the payoffs – and find Nash equilibrium or subgame perfect equilibrium.

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Possible extensions:

• Number of countries
• Level of production
• Cost of production
• OPEC’s oil reserves are shrinking over time. This shrinkage will eventually have an impact on the profitability of any production policy.
• The role of non-OPEC production.
• Research toward a disruptive technology (a new, cheaper way of exploiting oil deposits or alternative sources of energy).

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