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The generalized 20/80 law using probabilistic fractals applied to petroleum field size

Nonrenewable Resources

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DOI: 10.1007/BF02257575

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Abstract

Fractal properties of the Pareto probability distribution are used to generalize "the 20/80 law." The 20/80 law is a heuristic law that has evolved over the years into the following rule of thumb for many populations: 20 percent of the population accounts for 80 percent of the total value. The general p100/q100 law in probabilistic form is defined with q as a function of p, where p is the population proportion and q is the proportion of total value. Using the Pareto distribution, the p100/q100 law in fractal form is derived with the parameter q being a fractal, where q unexpectedly possesses the scale invariance property. The 20/80 law is a special case of the p100/q100 law in fractal form. The p100/q100 law in fractal form is applied to petroleum fieldsize data to obtain p and q such that p100% of the oil fields greater than any specified scale or size in a geologic play account for q100% of the total oil of the fields. The theoretical percentages of total resources of oil using the fractal q are extremely close to the empirical percentages from the data using the statistic q. Also, the empirical scale invariance property of the statistic q for the petroleum fieldsize data is in excellent agreement with the theoretical scale invariance property of the fractal q. ?? 1995 Oxford University Press.

Additional Publication Details

Publication type:
Article
Publication Subtype:
Journal Article
Title:
The generalized 20/80 law using probabilistic fractals applied to petroleum field size
Series title:
Nonrenewable Resources
DOI:
10.1007/BF02257575
Volume
4
Issue:
3
Year Published:
1995
Language:
English
Publisher location:
Kluwer Academic Publishers
Larger Work Type:
Article
Larger Work Subtype:
Journal Article
Larger Work Title:
Nonrenewable Resources
First page:
233
Last page:
241