A simple model of optimal exploration for oil: Part 1

Based on empirical evidence, a simple model of oil exploration and discovery is deyeloped, which emphasizes the stochastics of the discovery process and its informational aspects. Open-loop-feedback, m-measurement-feedback and closed-loop optimal exploratory strategies are derived. In forthcoming Part II, the model behaviour when interfaced with a market mechanism will be analysed.

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Year of publication:	1980
Authors:	Deissenberg, Christophe
Institutions:	Fachbereich Wirtschaftswissenschaften, Universität Konstanz
Subject:	Natural resources \| oil exploration \| stochastic control \| Bayesian analysis

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Extent:	application/pdf
Series:	Discussion Papers, Series I.
Type of publication:	Book / Working Paper
Notes:	Number 151
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010956831