This book discusses the art and science of economic decision making. It combines logical thinking with analytics, economics, and finance to draw decision insights for the upstream petroleum projects. The book offers useful analysis skills for practitioners in industry, including analysts,...

As common practice, oil studies in the economic literature are carried out by taking the correct specification of a model as given, and ignoring the problem of estimating overly optimistic confidence sets. This means that model uncertainty is pervasive in the empirical results. In this work I...

This paper studies the implications for reserve lifetime and related quantities in a continuous time model of resource extraction under uncertainty. Both the resource price and the extracted amount are assumed to follow stochastic processes. Reserve lifetime is determined by the...

A global planning problem is analyzed for extracting an exhaustible resource like oil when resource extraction - the only source for current consumption - also generates additions to the stock of GHGs that influence the likelihood of hitting a threshold representing climate change. We derive...

Goal: ISO 31000 Risk Management (RM) recently re-defined risk as the effect of uncertainty on an organization's ability to meet the objectives. Earlier, it defined risk as a combination of the probability and scope of the (predicted) consequences. The revised ISO Risk advances beyond a static...