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Beta-creaming

Author

Listed:
  • Lillestøl, Jostein

    (Dept. of Business and Management Science, Norwegian School of Economics)

  • Sinding-Larsen, Richard

    (Dept. of Geology and Mineral Resources Engineering, Norwegian University of Science and Technology)

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.

Suggested Citation

  • Lillestøl, Jostein & Sinding-Larsen, Richard, 2015. "Beta-creaming," Discussion Papers 2015/8, Norwegian School of Economics, Department of Business and Management Science.
    • Handle: RePEc:hhs:nhhfms:2015_008
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    File URL: http://hdl.handle.net/11250/275630
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    More about this item

    Keywords

    Beta distribution; sampling proportional to size; resource estimation;
    All these keywords.

    JEL classification:

    • C00 - Mathematical and Quantitative Methods - - General - - - General
    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General

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