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The AAPG/Datapages Combined Publications Database

AAPG Bulletin

Abstract


Volume: 51 (1967)

Issue: 3. (March)

First Page: 476

Last Page: 476

Title: Application of Utility Theory to Petroleum Decision-Making: ABSTRACT

Author(s): Paul D. Newendorp, John M. Campbell

Article Type: Meeting abstract

Abstract:

The application of logic to the exploration for minerals may be divided into two discrete phases--preparation and analysis of the raw data, and the decision-making process based on such analyses. Both involve non-random characteristics that are not entirely encompassed by the procedures of classical probability and statistics methods, which are based largely on the supposition of random systems.

This paper is a report on a study in depth of the decision-making process in several petroleum companies, one of which is a "major." The purpose of the study is to define better what role "utility theory" might play (if any) by establishing whether or not characterization of individuals and groups is feasible. This necessarily involves the establishment of criteria for such characterization so that the degree of the non-random factors may be better understood.

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Copyright 1997 American Association of Petroleum Geologists