Viva Voce

Extended Essay

If I undertook the research of my EE again, I would include a model that used stochastic calculus to show the uncertainty of the oil and gas industry, especially due to the cheating behaviour. This may have modified my conclusion, as I could’ve accounted for this uncertainty and increased the complexity of my model and reduced the limitations, thus proving the reliability of game theory. My strategies during research ensured I answered my research question, as I investigated the mathematics of game theory and compared models that adequately modelled the circumstances of the industry. My research ensured I studied a breadth of types of games in game theory so my research was still focused, but still retained its various applications. Some unanticipated questions that came up during research concerned the degree of uniformity in the game theory models I wanted to explore. I realised that I wanted to explore models that explored different situations and market structures, and had different games (E.g. one was non-zero sum while the other was a Stackelberg game) so I could prove that game theory had several applications to the industry due to its versatility and complex mathematical variations.