Beta-creaming

Jostein Lillestøl and Richard Sinding-Larsen ()
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Richard Sinding-Larsen: Dept. of Geology and Mineral Resources Engineering, Norwegian University of Science and Technology, Postal: Norwegian University of Science and Technology, Department of Geology and Mineral Resources Engineering, Sem Sælands veg 1, N-7491 Trondheim, Norway, http://www.ntnu.edu/employees/richard.sinding-larsen

No 2015/8, Discussion Papers from Norwegian School of Economics, Department of Business and Management Science

Abstract: This paper considers sampling proportional to expected size from a partly unknown distribution. The applied context is the exploration for undiscovered resources, like oil accumulations in different deposits, where the most promising deposits are likely to be drilled first, based on some geologic size indicators (“creaming”). A size distribution within the Beta-class turns out to have nice analytical features in this context, and fits available data reasonably well, after rescaling. The theoretical and practical consequences for the accumulation of knowledge on the underlying distribution based on this scheme, named Beta-creaming, are explored in some detail.

Keywords: Beta distribution; sampling proportional to size; resource estimation (search for similar items in EconPapers)
JEL-codes: C00 C10 C13 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2015-02-09
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