Introduction of the new risk evaluation method "RACE", and its application to petroleum exploration strategy

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  • 石油鉱業における新リスク評価法―「ＲＡＣＥ」の提案と探鉱戦略への応用―
  • セキユ コウギョウ ニ オケル シン リスク ヒョウカホウ RACE ノ テイアン ト タンコウ センリャク エ ノ オウヨウ
  • ―「RACE」の提案と探鉱戦略への応用―

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Abstract

The existing risk evaluation methods are not exactly adequate for the petroleum business. To cope with their problems, the new risk evaluation method, “RACE” (Risk Adjusted Certain Equivalent) is introduced. It effectually represents the subjective judgment of risk aversion in petroleum business, and may also be applicable to the evaluation of the “Knight's uncertainty”. It is also practically useful in evaluating and establishing petroleum exploration strategy.

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