samirabr12
commented
4 years ago I definitely think this is an interesting model and one that we should look into more. I like how it compares the capital of cumulative production and capital of consumption side by side, so we can see how those variables are affected over time. There's still more understanding to be done about the model but it gives us a new perspective on the features in the dataset. If possible, you could elaborate more on each graph and comment on the interpretation of it, such as how it represents the variables in the dataset and what it tells us about production. In addition, I know you calculated Spearman's Correlation Coefficient but I'm not sure how it plays into the model.
Clear Definition - A Shown Corr - B Shown Error - C Potential - B+ Excitement - B+
Where is the model used Economics
What is the model This model is similar to the Solow model, but the model does not recognize that the savings rate can stay the same and change over time. It is described as "a more general connection between a planned economy and an economy organized as a competitive equilibrium." This looks at the consumers maximizing utility and maximizing profit. Additionally, this focuses more on a specific household rather than the overall labor of the economy.
How is it applied to oil We can focus on specific wells growth in oil production with the Best 1-month feature - the 12 months and the cumulative production of the well as well. This will include different features than the Solow model and factor in the one wells features and how certain features more or less of it is better than another well's variables.