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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
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