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A simple model of optimal exploration for oil: Part 1

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  • Deissenberg, Christophe

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.

Suggested Citation

  • Deissenberg, Christophe, 1980. "A simple model of optimal exploration for oil: Part 1," Discussion Papers, Series I 151, University of Konstanz, Department of Economics.
    • Handle: RePEc:zbw:kondp1:151
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