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Economic Decision Analysis

Part of the SpringerBriefs in Petroleum Geoscience & Engineering Book Series

DOI: 10.1007/978-3-030-96137-4

ISBN: 978-3-030-96136-7

Publisher: Springer International Publishing - Springer Journals

Mar 10, 2022

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Chapter 1Project Feasibility

Jafarizadeh, Babak

Pages: 1 –12

[This chapter discusses the fundamentals. Anyone working in industry either makes decisions or supports others who make decisions. For any project, all we do is making decisions. It could be a series of decisions, or a major decision nesting all: Should we undertake a project or not? To recommend...
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Chapter 2Understanding the Uncertainty

Jafarizadeh, Babak

Pages: 13 –39

[This chapter discusses the concepts in more details. We make decisions because we want to achieve our goals. Yet, we live in an uncertain world and the outcome of our decisions would be uncertain. Therefore, we describe projects’ uncertainty using the language of probability. Our description...
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Chapter 3Economics of Decisions

Jafarizadeh, Babak

Pages: 41 –70

[All models are approximations. In this chapter we discuss key approximations for economic decision models. Finance theory shows the relationship between uncertainty and value. It tells us what we should expect in return for taking economically risky opportunities. This understanding is key to a...
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Chapter 4Applications

Jafarizadeh, Babak

Pages: 71 –104

[This chapter applies the key concepts from earlier chapters to real-world problems. Often these applications have subtleties that traditional models ignore. Therefore, we discuss how to reflect a further aspect of the real world in our decision models. The common theme in our discussions would...

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Economic Decision Analysis

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