The Study of the Oligopolistic Market of Natural Gas Applying the Methods of Game-Theoretic Modelling

The paper looks at the processes in the European natural gas market from the viewpoint of game-theoretic modelling. The authors proposed a two-stage game-theoretic model of the European natural gas market with three key participants producer, transporter and consumer. The essence of local sensitivity analysis of the performance of supplier, transporter and consumer is explained. The sensitivity analysis of 2014 data is carried out, its results are interpreted, and indicators of participants' efficiency are calculated. The indicator "the share of Russia" is elaborated. It is analysed how changes in the consumer's position influence the performance indicators of the producer and transporter of natural gas. The authors demonstrate that in some cases the efficiency of the Stackelberg leader can be worse than that of the follower. Along with this the indicators are affected by the changes in the positions of the third player (consumer).