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Deissenberg, Christophe
Year of Publication: 
Series/Report no.: 
Diskussionsbeiträge, Serie A: Volkswirtschaftliche Beiträge, Fakultät für Wirtschaftswissenschaften und Statistik, Universität Konstanz 151
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.
Natural resources
oil exploration
stochastic control
Bayesian analysis
Document Type: 
Working Paper

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