An economic approach that links volumetric estimates of resources with cost and price information
- Decision Focus, Inc., Mountain View, CA (United States)
For many years, organizations such as the US Geological Survey have assembled volumetric estimates of gas and oil in place. It is legitimate for people in industry to ask: [open quotes]What do such estimates mean to me What do they mean to my business What do they mean for commodity prices [close quotes] In a world of ideal, efficient markets, such estimates would have little relevance; the best use of one's time would be to merely survey the various markets. In reality, markets are not completely efficient, and methods other than market observations are required. Volumetric estimates can contribute to better decisionmaking if they can be associated with cost and price information and if their implications in the market can thereby be determined. Until the generalized equilibrium approach, volumetric information has never been linked with the market. It has never entered the decision process of private companies the United States, Canada, or the rest of the world. With the approach outlined, the US Geological Survey volumetric estimates can be used to support such decisionmaking and lead to better industry profits, more enlightened regulation and Government administration, and more efficient use of resources. 66 refs., 28 figs.
- OSTI ID:
- 7051682
- Journal Information:
- United States Geological Survey, Professional Paper; (United States), Vol. 1570
- Country of Publication:
- United States
- Language:
- English
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