I am doing economic analyses of natural resources based on processes seen in the real world (geology) for my PhD thesis. The model I have built is mostly inspired from an already well-established model in the literature, but my approach on getting economic values is quite different.
In details, the original model consists of 7 study cases for which data were taken from literature. The research estimates a type of resource to be explored/exploited worldwide. The concept is not really innovative and contains many approximations. Also, the assessment methods used to calculate economic values are basic mathematics. However, it is built on strong scientific bases and requires lots of understanding of natural processes.
My own model (inspired by the prior work) focuses on 4 of the same study cases, but I have made estimates for half of the worldwide potential occurrences for the same type of resource (plus another one). My study has better accuracy and uses different assumptions to get the economic values. My calculations for 3 of the study cases are different, except for 1 (I use different data and get different results though).
Question: Is it conceivable to publish my economic results, even if the modelling concept is similar to or inspired from someone's work?
I have cited the original research for comparing my results. The research is from a worldwide specialist who is well-considered in the scientific community. I would not want to have any conflict with him in the future.