In this study, the crude oil spot price is forecast using Bayesian symbolic regression (BSR). particular, initial parameters specification of BSR analysed. Contrary to conventional approach regression, which based on genetic programming methods, applies algorithms evolve set expressions (functions). This econometric method able deal with variable uncertainty (feature selection) issues in foreca...

This paper addresses procurement planning in oil refining, which has until now only had limited attention in the literature. We introduce a mixed integer nonlinear programming (MINLP) model and develop a novel two-stage solution approach, which aims at computational efficiency while addressing the problems due to discrepancies between a non-linear and a linearized formulation. The proposed mode...