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