This article offers an introduction to Quantitative Economic Policy, i.e. the use of econometric models together with mathematical optimization methods for the analysis and quantitative determination of optimal macroeconomic policy. The corresponding basic methodology, optimal feedback...

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...