A simple model of optimal exploration for oil: Part 1

Christophe Deissenberg

No 151, Discussion Papers, Series I from University of Konstanz, Department of Economics

Abstract: 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.

Keywords: Natural resources; oil exploration; stochastic control; Bayesian analysis (search for similar items in EconPapers)
Date: 1980
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/78217/1/689037937.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:kondp1:151

Access Statistics for this paper

More papers in Discussion Papers, Series I from University of Konstanz, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().