OPEC Strategy Memo Assignment
The purpose of this memo is to describe and analyze your countries strategy pursued during the entireOPEC game. The memo should be prepared jointly by your group and only one copy should be turned in by each group. Please make sure your name is included on the memo. If your name is not included, you will receive zero points for this assignment.
Assignment: Explain how your country approached deciding your submitted quantities for the different periods in Year 1, Year2 and Year3.
For each year, this memo should include, but notbe limited to:
- Did you calculate your countries optimal strategy? If so, how?
- Did you consider the other countries actions in your optimization? If so, how?
- Did you adjust your strategy after receiving information on resulting prices and quantities for each period? If so, how?
- How did you formulate your bargaining position in the cartel negotiations?
- Did you ever adhere to the cartel agreement? If so, explain why.
- Did you ever cheat on the cartel agreement? If so, explain why.
- Which of your actions seemed successful?
- Which of your actions seemed misguided?
- What would you do differently now?
Be thorough, but be concise!
Length: No more than four pages of twelve-point type with normal margins (i.e., no more than 1200 words). Please support your answer with graphs when applicable.