MODELING GULF OF MEXICO LOST PRODUCTION–4 (Conclusion): Meta evaluation helps model lost Gulf of Mexico output

Valuing lost production from destroyed structures is an important measure in investment decision making, since if the value of future production is less than the expected redevelopment and cleanup cost, then the decision to redevelop the property will either be postponed or not undertaken.In the final part of this series, we present a meta-model framework to quantify the quantity and value of lost production from the 2004-05 hurricane seasons.Previously, in Part 3, we presented sensitivity graphs and similar charts to illustrate the manner in which system parameters impact the model output. In Part 4, we describe the use of a more sophisticated, and in many respects, more useful technique...

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