Game theory approach in Malaysia palm biomass industry: analysis

In Malaysia, there are plentiful of palm biomass but not always these resources are fully utilised. In the perspective of biomass industry owner, there are three factors that affect the business decision, (i) constant and good quality supplies, (ii) process efficiency, (iii) market demand and price....

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Main Authors: Jiang, Ping Tang, Hon, Loong Lam, Abdul Aziz, Mustafa Kamal, Morad, Noor Azian
Format: Article
Published: Italian Association of Chemical Engineering (AIDIC) 2015
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Online Access:http://eprints.utm.my/id/eprint/55454/
http://dx.doi.org/10.3303/CET1545078
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spelling my.utm.554542017-08-08T08:00:03Z http://eprints.utm.my/id/eprint/55454/ Game theory approach in Malaysia palm biomass industry: analysis Jiang, Ping Tang Hon, Loong Lam Abdul Aziz, Mustafa Kamal Morad, Noor Azian TP Chemical technology In Malaysia, there are plentiful of palm biomass but not always these resources are fully utilised. In the perspective of biomass industry owner, there are three factors that affect the business decision, (i) constant and good quality supplies, (ii) process efficiency, (iii) market demand and price. The strategy considerations that respond to these factors are based on other players' competition, plantation output, mill output, logistics matter, government policy and weather. In order to model the real situation in a particular palm plantation area, game theory approach is used to analyse the best strategy of biomass industry owner. Since every players are act on their self-interest based on maximum profit, this is a noncooperative game study. A case study is modelled on two industry players, two oil mills and two plantations. Nash equilibrium is achieved by analysing the best strategies that are the best responses to other parties in the scenario. By analysing this scenario using game theory approach, an optimal noncooperative strategy can be derived. In future works, it can be applied into the decision support framework for the biomass industry management team Italian Association of Chemical Engineering (AIDIC) 2015-10 Article PeerReviewed Jiang, Ping Tang and Hon, Loong Lam and Abdul Aziz, Mustafa Kamal and Morad, Noor Azian (2015) Game theory approach in Malaysia palm biomass industry: analysis. Chemical Engineering Transactions, 45 . pp. 463-468. ISSN 2283-9216 http://dx.doi.org/10.3303/CET1545078 DOI:10.3303/CET1545078
institution Universiti Teknologi Malaysia
building UTM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Malaysia
content_source UTM Institutional Repository
url_provider http://eprints.utm.my/
topic TP Chemical technology
spellingShingle TP Chemical technology
Jiang, Ping Tang
Hon, Loong Lam
Abdul Aziz, Mustafa Kamal
Morad, Noor Azian
Game theory approach in Malaysia palm biomass industry: analysis
description In Malaysia, there are plentiful of palm biomass but not always these resources are fully utilised. In the perspective of biomass industry owner, there are three factors that affect the business decision, (i) constant and good quality supplies, (ii) process efficiency, (iii) market demand and price. The strategy considerations that respond to these factors are based on other players' competition, plantation output, mill output, logistics matter, government policy and weather. In order to model the real situation in a particular palm plantation area, game theory approach is used to analyse the best strategy of biomass industry owner. Since every players are act on their self-interest based on maximum profit, this is a noncooperative game study. A case study is modelled on two industry players, two oil mills and two plantations. Nash equilibrium is achieved by analysing the best strategies that are the best responses to other parties in the scenario. By analysing this scenario using game theory approach, an optimal noncooperative strategy can be derived. In future works, it can be applied into the decision support framework for the biomass industry management team
format Article
author Jiang, Ping Tang
Hon, Loong Lam
Abdul Aziz, Mustafa Kamal
Morad, Noor Azian
author_facet Jiang, Ping Tang
Hon, Loong Lam
Abdul Aziz, Mustafa Kamal
Morad, Noor Azian
author_sort Jiang, Ping Tang
title Game theory approach in Malaysia palm biomass industry: analysis
title_short Game theory approach in Malaysia palm biomass industry: analysis
title_full Game theory approach in Malaysia palm biomass industry: analysis
title_fullStr Game theory approach in Malaysia palm biomass industry: analysis
title_full_unstemmed Game theory approach in Malaysia palm biomass industry: analysis
title_sort game theory approach in malaysia palm biomass industry: analysis
publisher Italian Association of Chemical Engineering (AIDIC)
publishDate 2015
url http://eprints.utm.my/id/eprint/55454/
http://dx.doi.org/10.3303/CET1545078
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score 13.209306