TO SAMPLE OR NOT TO SAMPLE

Hans Haller and Anthony Pavlopoulos

Manchester School, 2006, vol. 74, issue 1, 23-39

Abstract: Suppose a prospective oil field is partitioned into a finite number of lots. Conventional wisdom suggests that failing to find oil on one lot is bad news regarding subsequent exploration of other lots, due to a ‘common pool’ effect. Here we identify situations where failing to find oil on a lot may be good news. Similar considerations may be relevant in the testing of chemical substances for a specific pharmaceutical use.

Date: 2006
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https://doi.org/10.1111/j.1467-9957.2006.00480.x

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