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.

I found that my research was successful in that I was able to effectively identify game theoretical models that were appropriate and had scope to evaluate. I was able to spend lots of time focusing on the fundamentals of game theory to refine my analysis to make it thorough and effective. Additionally, because I used various kinds of resources, I was able to develop my research skills and be more analytical of the sources I was using. Before, my approach was very much application based while during the summer, I focused on the basics of game theory because I later recognised that it was important to build sufficient basic understanding. Thus, I’d say that I was able to develop a nuanced perspective when analysing the math (which I didn’t recognise before) to present the math in my EE as more complex and meaningful. Additionally, I realised a basic conceptual understanding is crucial.

From the beginning, I knew I wanted to explore mathematics and economics and the relevance of game theory in the oil industry. My EE was initially intended to be world studies. However, after my discussion with my supervisor, I realised that using maths to validate economics isn’t world studies in nature and therefore, I decided to change it to a maths EE, with a focus on the applications of game theory. The transition was initially a challenge but later, it clarified my essay’s intent. While writing my outline, I collected sources that had a more thorough analysis of different game theory models to create more nuance. However, I need to begin envisioning how I plan to connect all these models to create more meaning of my EE and also, I need to take the initiative to ensure I understand the fundamentals of game theory and the complexity of the mathematics.