Abstract:

One of the most well-known concepts of the economic analysis of the markets is the competition, as it can present forms that can distort the economic game. This economic aspect is seen as a dynamic process that is strictly dependent on the ability of companies to adopt a differentiated behavior on the market. Any change in the behavior of companies can lead to both opportunities for capitalization and reduction of profits leading to the market share instability. The relationship between competition and competitiveness is shaped by game theory, a research tool that has become important over time in shaping the complex problems of developing optimal strategies. The economic behavior of any player can be substantiated by the concepts of game theory, thus making a clear distinction between the actions of the main players in any market that can benefit or distort competition. The modeling of economic behaviors is influenced by the information environment. The inherent degree of uncertainty, the competitive characteristics, the impartiality of the rules on the sales market can be found among the elements of the information environment. In the presence of incomplete information, companies can obtain and capitalize on information benefits by adopting strategic behaviors. Cournot competition is one of the most used models in the organizational industry for analyzing the complexity of competitive behaviors. The aim of this study is to present a quantity-oriented mathematical analysis of natural gas market in which the most important producers from Europe are considered. After highlighting the main characteristics of the natural gas market in terms of structure, production, price, export and degree of concentration, we determine the equilibrium quantities in terms of game theory.