Based on empirical evidence, a simple model of oil exploration and discovery is deyeloped, which emphasizes the stochastics of the discovery process and its informational aspects. Open-loop-feedback, m-measurement-feedback and closed-loop optimal exploratory strategies are derived. In...

We propose a new Bayesian synthetic control framework to overcome limitations of extant synthetic control methods (SCMs). The proposed Bayesian synthetic control methods (BSCMs) do not impose any restrictive constraints on the parameter space a priori. Moreover, they provide statistical...

We study the impact of observational learning in large scale congested service systems with servers having heterogenous quality levels and customers that are heterogonously informed about the server quality. Providing congestion information to all customers allows them to avoid congested...