The Oil Drum: Predicting the Past of Oil? The Hubbert Linearization Tested

There are various types of models. They can be empirical, such that you curve fit data without having a clear explanation of the underlying mechanisms. Or they can be theoretical, in which the system is modeled according to the governing scientific principles and mathematical equations.

However, one thing is critical to keep in mind. If you are going to use the model for forecasting, the model must be tested.
Much more after the jump to The Oil Drum.