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A new approach to refinery complexity factors

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  • Mark J. Kaiser

Abstract

Wilbur Nelson introduced the concept of complexity factor in the 1960s to relate the performance level of refineries with different capabilities and processing technologies. Refinery complexity has been used for many years to describe the sophistication and capital intensity of refineries, but foundational issues and the limitations associated with the metric have not been examined. A more precise and rigorous approach to complexity factors is presented based on the application of cost functions. Two alternative formulations are introduced and compared to the traditional approach and lead to new descriptive statistics and insight.

Suggested Citation

  • Mark J. Kaiser, 2017. "A new approach to refinery complexity factors," The Engineering Economist, Taylor & Francis Journals, vol. 62(4), pages 336-368, October.
    • Handle: RePEc:taf:uteexx:v:62:y:2017:i:4:p:336-368
    DOI: 10.1080/0013791X.2016.1202365
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