Question

1. What was wrong with the exponential rate model of resource depletion? Why has it been replaced by the peaked rate model?

Answer 1

One of the disadvantage of exponential rate model of resource depletion was the exponential model assumes exponential growth in production up until total depletion resulting in unrealistically early depletion times
On the other hand Hubbert peak theory is based on the observation that the amount of oil under the ground in any regions is finite, therefore the rate of discovery which initially increases quickly must reach a maximum and decline.Hubbert Peak theory is more realistic.
The exponential growth model assumes that instantaneous rate of production is proportional to the cumulative production Q.The equation which represents exponential rate is: dQ/dt=aQ
Where a is the fractional growth rate which is assumed to be constant
In 1956 Hubbert Peak made his assumption that US oil production would peak in the early 1970s and it was proved to be right.