LONG-TERM PETROLEUM PRODUCT SUPPLY ANALYSIS THROUGH A ROBUST MODELLING APPROACH

Linear programming approach to economic modelling of petroleum refining has important
shortcomings that make it less useful and less robust for the purposes of impact assessments of
related policies.

These have to do with its natural inability to calibrate observed data and obtaining
jumpy responses of the decision variables to smooth exogenous shocks due to the large number of
substitutions between the refining processes.

Loyola Econ

Loyola Econ

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