Fishing decisions under uncertainty
Journal Article
·
· J. Pet. Technol.; (United States)
The drilling manager often is forced by an extended fishing operation to choose between the known costs incurred with abandonment of retrieval attempts and the unknown costs of continuing fishing operations. The successful manager makes the decision that costs the company the least money. Continuing fishing operations beyond some economic limit is failure, even if the fish is retrieved and that portion of the hole saved, because more money has been spent in the fishing attempt than would have been spent by not fishing. The strategy is to minimize losses. This analysis closely follows the theory of utility developed by J. von Neuman and O. Morgenstern. 1 ref.
- Research Organization:
- Dep of Nat Res, Alaska, USA
- OSTI ID:
- 5266464
- Journal Information:
- J. Pet. Technol.; (United States), Vol. 34:2
- Country of Publication:
- United States
- Language:
- English
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