Trick of the trade : cheating in the oil industry.

• Main Authors: Loke, Suet Leng., Soh, Christabelle Ning En., Yap, Stephanie Chi Ling.
• Other Authors: Yothin Jinjarak
• Format: Final Year Project
• Language: English
• Published: 2010
• Subjects: DRNTU::Social sciences::Economic theory
• Online Access: http://hdl.handle.net/10356/35262
• Institution: Nanyang Technological University

The concept of the Prisoner’s dilemma in Game Theory predicts that cartels should naturally dissolve as the dominant strategy for individual members is to cheat. However, OPEC has defied this prediction. This unusual phenomenon motivates our study on cheating behaviour by oil firms within OPEC. We d...