The Arctic Treasure Hunt: A Game-Theoretic Approach to the Race for the North Pole Riches

The anthropogenic climate change presents a global challenge that threatens human survival. Paradoxically, this global catastrophe provides huge economic opportunities in the form of the Arctic Treasure Hunt with strategic interactions: an estimated quarter of Earth’s oil reserves are to lie under t...

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Bibliographic Details
Main Author: Arno Reichenvater
Other Authors: The Pennsylvania State University CiteSeerX Archives
Format: Text
Language:English
Subjects:
characteristic function games
exclusive economic zones
game theory
oil reserves
Arctic
North Pole
Climate change
Online Access:http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.323.547
http://www.feem-web.it/ess/files/vondolia.pdf
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Summary:The anthropogenic climate change presents a global challenge that threatens human survival. Paradoxically, this global catastrophe provides huge economic opportunities in the form of the Arctic Treasure Hunt with strategic interactions: an estimated quarter of Earth’s oil reserves are to lie under the glaciers of the North Pole. In this paper, we use game-theoretic models to characterize the strategic interactions for different management regimes of the Arctic Treasure Hunt. Non-cooperative games are used to describe scenarios of sole management regime and characteristic function games those of cooperation in the form of joint management regime.

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