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A GENERALIZED OIL-EXPLORATION PROBLEM

delete1994-03-01
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Lakdére Benkherouf *
DOI:10.1016/0377-2217(94)90235-6delete
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摘要

摘要

En 中文
In this paper we consider a general version of the oil exploration problem model previously investigated by the authors and others. We assume that a region is hypothesized to contain an unknown number of oilfields represented by a prior pi. The discovery of oilfields is governed by a probability law which is a function of the number of undiscovered sources. Drilling a well costs c and the value of a field is fixed at upsilon. Rewards are additive and discounted by a factor theta, 0 less-than-or-equal-to theta < 1. On the basis of the history of successful and unsuccessful drillings, the decision maker is faced with three options: retire with no reward; drill a single well; drill two wells, so as to maximize the total expected return.
Keyword:
EULER DISTRIBUTIONS
OIL EXPLORATION
MARKOV DECISION PROCESS
OPTIMAL STOPPING
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期刊

European Journal of Operational Research 封面图
European Journal of Operational Research
IF:
6
论文数:
2.2W
被引数:
6.4W

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