Scandinavian Working Papers in Economics
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Department of Business and Management Science, Norwegian School of Economics (NHH) Discussion Papers, Department of Business and Management Science, Norwegian School of Economics (NHH)

No 2015/8:

Jostein Lillestøl () and Richard Sinding-Larsen ()

Abstract: This paper considers sampling proportional to expected size from a partly unknown distribution. The applied context is the exploration for undiscovered resources, like oil accumulations in different deposits, where the most promising deposits are likely to be drilled first, based on some geologic size indicators (“creaming”). A size distribution within the Beta-class turns out to have nice analytical features in this context, and fits available data reasonably well, after rescaling. The theoretical and practical consequences for the accumulation of knowledge on the underlying distribution based on this scheme, named Beta-creaming, are explored in some detail.

Keywords: Beta distribution; sampling proportional to size; resource estimation; (follow links to similar papers)

JEL-Codes: C00; C10; C13; (follow links to similar papers)

17 pages, February 9, 2015

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