To Sample or Not Sample

17 Pages Posted: 3 Apr 2006

See all articles by Hans H. Haller

Hans H. Haller

Virginia Polytechnic Institute & State University - Department of Economics

Anthony A. Pavlopoulos

European Commission

Abstract

Suppose a prospective oil field is partitioned into a finite number of lots. Conventional wisdom suggests that failing to find oil on one lot is bad news regarding subsequent exploration of other lots, due to a 'common pool' effect. Here we identify situations where failing to find oil on a lot may be good news. Similar considerations may be relevant in the testing of chemical substances for a specific pharmaceutical use.

Suggested Citation

Haller, Hans H. and Pavlopoulos, Anthony A., To Sample or Not Sample. Manchester School, Vol. 74, No. 1, pp. 23-39, January 2006, Available at SSRN: https://ssrn.com/abstract=873919 or http://dx.doi.org/10.1111/j.1467-9957.2006.00480.x

Hans H. Haller (Contact Author)

Virginia Polytechnic Institute & State University - Department of Economics ( email )

3021 Pamplin Hall
Blacksburg, VA 24061
United States
540-231-7591 (Phone)
540-231-5097 (Fax)

Anthony A. Pavlopoulos

European Commission ( email )

Rue de la Loi 200
Brussels, B-1049
Belgium

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