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Optimal Stopping in Oil Exploration with Small and Large Oilfields
Published online by Cambridge University Press: 27 July 2009
Abstract
The same applies when a success occurs in large fields; in this case, p1 = 0. If at least one success occurs in each oilfield after a certain number of wells are drilled, then we reach a position where the number of undiscovered fields is represented by simple Euler distributions, and the results of Section 4.1 showed that the optimal rule is a one-step look-ahead rule.
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- Probability in the Engineering and Informational Sciences , Volume 4 , Issue 3 , July 1990 , pp. 399 - 411
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- Copyright © Cambridge University Press 1990
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