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| Author: | Keefer, D. L. |
| Title: | Resource allocation models with risk aversion and probabilistic dependence : offshore oil and gas bidding. |
| Journal: | Management Science
1991 : APR, VOL. 37:4, p. 377-395 |
| Index terms: | BIDDING RESOURCE ALLOCATION DECISION ANALYSIS OIL INDUSTRY GAS INDUSTRY |
| Language: | eng |
| Abstract: | Bidding for offshore USA oil and gas leases is a major corporate resource allocation problem involving enormous and very high stakes. Two new, operationally useful decision analysis models are presented to aid in bidding for oil and gas leases. They consider risk aversion and probabilistic dependence among the values of the leases, with both bid levels and partnership shares as decision variables. They are suitable for use in evaluating proposed bidding policies or as objective functions in optimization formulations. |
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