Case Study Analysis and Solutions

Simulation ID: WH0002

Abstract:
Simulation Solution for Negotiation Simulation: OPEQ by Maurice E. Schweitzer
In this multi-player simulation, teams of students act as ministers of an Oil Production Board tasked with setting petroleum production levels for one of three fictional countries - Alba, Batia, and Capita. The simulation immerses students in the complex world of oligopical oil pricing as each team attempts to maximize cumulative profits for their country over a series of rounds. The dynamics of cooperation and competition intensify with each round, and students quickly learn the importance of communication, negotiation, and best-response functions as they strive to achieve Nash equilibrium in an interdependent market. Developed by the Wharton School of the University of Pennsylvania, the Negotiation Simulation: OPEQ incorporates a number of unexpected events to enhance the complexity of the simulation and the competing worlds therein. The simulation is highly configurable and can be easily tailored to teach an array of negotiation and economic principles. The simulation also provides a pedagogical toolkit for instructors to run an effective debrief that covers key learning objectives. The Negotiation Simulation: OPEQ was developed by Maurice Schweitzer, professor of Operations and Information Management at the Wharton School of the University of Pennsylvania.

Keywords:
Competition; Economics, Game theory, Microeconomics, Negotiation, Oligopolies, Negotiation Simulation OPEQ Solution

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