Oil Stockpiles and Import Reductions: A Dynamic Programming Approach

Hung-Po Chao and Alan Manne
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Hung-Po Chao: Electric Power Research Institutes, Palo Alto, California

Operations Research, 1983, vol. 31, issue 4, 632-651

Abstract: This paper analyzes oil stockpiling policies using models in which U.S. policy choices are restricted to just two instruments—stockpiles and disruption “tariffs.” The model considers the influence of U.S. (and, in general, OECD) import demands upon the OPEC price for oil, and the duration and severity of oil disruptions induced by disturbances among the OPEC nations. Our development is based upon a probabilistic view of disruptions analyzed by applying dynamic programming.

Keywords: 112 a dynamic programming approach; 332 oil stockpiles and import reductions; 473 oil stockpiles and import reductions (search for similar items in EconPapers)
Date: 1983
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Persistent link: https://EconPapers.repec.org/RePEc:inm:oropre:v:31:y:1983:i:4:p:632-651

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