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AbstractAbstract
[en] Both for economics (in general) and energy economics matters, it is important to reach oil exploration efficiency. To achieve this aim, a pragmatic approach is to use the concept of information efficiency which means that the different tracts have to be drilled in the decreasing order of estimated profitabilities, estimations being made on the basis of the best (in the sense of reliability) available information. What does 'best available information' mean? It corresponds either to the information held by the most experienced oil companies (due to the existence of information asymmetries to the profit of these companies), or to information revealed by the drilling and which allows to revise probabilities of success on neighboring tracts with similar geological features (due to the existence of information externalities). In consideration of these information asymmetries and externalities, we will say that exploration is information efficient when. -- on the one hand, initial exploration choices are directed by the most experienced companies, - and, on the other hand, during the drilling phase, in the face of the information externality, companies adopt a sequential drilling, i.e. excluding both over-investment and strategic under-investment. The topic we deal with in this thesis is then to know if oil companies, when they are put in normal competition conditions, are likely to make emerge a state of information efficiency in exploration, the analysis being conducted theoretically and empirically. (author)
Original Title
Asymetries et externalites d'informations, strategies des compagnies et efficacite informationnelle de l'exploration petroliere
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Source
Jul 1998; 485 p; Available from Universite de Montpellier-1 Faculte des Sciences Economiques CREDEN, Espace Richter, Avenue de la Mer, B.P. 9606, 34054 - Montpellier Cedex (France); [225 refs.]; These micro-economie et calcul economique groupe 05 du CNU
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Report
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Thesis/Dissertation
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