In the next paper Parcimonious model has been used by the researcher. This model explains the supply of non renewable resources and prices of non renewable resources. With the passage of time supply of these non renewable resources decreases and demand increases. Price increases because of limited stock of non renewable resources allowing a substitution effect in the economy. Multiple deposit models have also been used in this paper. Title of this paper is “Non-renewable resource scarcity” (Krautkraemer, 1998).
Hotelling model has been used in the paper “An assessment of world hydrocarbon resources”. Dynamic theoretical model has been designed in this research by using the previous researches using the hotelling model (Rogner, 1997).
Hypothesis of each paper
Cairns (1990) commented that the main focus and hypothesis were designed over the sustainability of non renewable resource production. Hypothesis is not present in particular but main aim of the paper was to look at the consumption of non renewable resources in Asian economies by using the Hotelling model. Research questions of the paper revolved around the development of new framework for discussion. 4 key research questions asked in the paper are:
Supply of non renewable resources in the Asian economies will be balanced? If not what will be substitutions?
What kind of energy technologies will be used for replacing the need for energy?
Energy consumptions in Asian economies in future will fulfill needs of environment sustainability?
Will the energy mix in Asian economies become affordable?
Krautkraemer (1998) commented that the main questions being addressed by the researchers were:
How supply and demand of non renewable resources impact on the energy consumption?
How price of these resources increase with the passage of time when supply becomes limited and demand increases?
What role of substitution and compensation of these resources plays in different economies?
Rogner (1997) commented that: questions addressed by the researchers are as follows:
What is the impact of decreasing supply of non renewable resources all over the world? And its links with technologically produced energy?
How these technological processes impact on the sustainability of the environment and link with the prices?
What is the theoretical model for testing the contributions of energy mix in future?
How prices fluctuate with the increase or decrease of supply and demand of the non renewable resources?