Sunco Oil has D dollars to allocate for drilling at sites 1, 2, . . . ,
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Sunco Oil has D dollars to allocate for drilling at sites 1, 2, . . . , T. If x dollars are allocated to site t, the probability is qt (x) that oil will be found on site t. Sunco estimates that if site t has any oil, it is worth rt dollars. Formulate a recursion that could be used to enable Sunco to maximize the expected value of all oil found on sites 1, 2, . . . , T.
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Related Book For
Operations Research Applications And Algorithms
ISBN: 9780534380588
4th Edition
Authors: Wayne L. Winston
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