Oil refinery procurement strategies: a Bayesian approach

MaRDI QIDQ4900540zbMATH OpenFDO

Authors Zhixue Xie, Li Zheng

Publication date 24 January 2013

zbMATH Keywords

Bayesian approachstochastic dynamic programmingprocurement strategyoil refinery

Mathematics Subject Classification ID

Empirical decision procedures; empirical Bayes procedures (62C12) Dynamic programming (90C39) Auctions, bargaining, bidding and selling, and other market models (91B26) Decision theory for games (91A35) Inventory, storage, reservoirs (90B05)

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(2)

• Optimising energy procurement for small and medium-sized enterprises
• Optimal crude oil procurement under fluctuating price in an oil refinery

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