An alternative to a logistic function form life-cycle model for crude oil is presented. Development of the polynomial model is discussed and empirically estimated parameters are examined for consistency. The logistic and polynomial functions are compared on the basis of their descriptive and...

The logistic function has been used to describe the discovery and production of oil and natural gas at the national level. This type of functional representation provides a direct approach for estimating the available supply of the resource and the time at which that supply will be essentially...