A simple model of optimal exploration for oil: Part 1
No 151, Discussion Papers, Series I from University of Konstanz, Department of Economics
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)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:kondp1:151
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