Hotelling rule in non-renewable resources: A bibliometric and systematic literature review analysis

Abstract

This research aimed to provide a comprehensive mapping of studies on the application of the Hotelling rule in non-renewable resources from 1970 to 2024, identifying the most prominent research topics and trends, key characteristics, evolution, and directions for future studies. To achieve this, the following research questions were addressed using a mixed-method approach, including bibliometric analysis, text mining, and content analysis: (i) How has research on the Hotelling rule in non-renewable resources evolved? (ii) What are the most relevant research topics and trends in Hotelling rule research? and (iii) What future directions should studies on the Hotelling rule in non-renewable resources pursue? A total of 197 journal articles extracted from the Scopus database were analyzed to map the main body of literature. Four main research clusters were identified: (1) theoretical and empirical perspectives on the Hotelling rule, (2) the Hotelling rule in non-renewable resource management, (3) economic policy and sustainability within the Hotelling framework, and (4) resource depletion and pricing under the Hotelling rule. Four key areas for future research were proposed, focusing on diversification to other non-renewable resources, evaluation of policies and geographical contexts, technological innovations and government policies, and sector-specific applications of the Hotelling rule. These directions are crucial for promoting sustainability in the management of non-renewable resources over time.