TO SAMPLE OR NOT TO SAMPLE
Suppose a prospective oil field is partitioned into a finite number of lots. Conventional wisdom suggests that failing to find oil on one lot is bad news regarding subsequent exploration of other lots, due to a 'common pool' effect. Here we identify situations where failing to find oil on a lot may be good news. Similar considerations may be relevant in the testing of chemical substances for a specific pharmaceutical use. Copyright Blackwell Publishing Ltd and The University of Manchester, 2006.
Year of publication: |
2006
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Authors: | HALLER, HANS ; PAVLOPOULOS, ANTHONY |
Published in: |
Manchester School. - School of Economics, ISSN 1463-6786. - Vol. 74.2006, 1, p. 23-39
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Publisher: |
School of Economics |
Saved in:
freely available
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