Advertisement

The Life and Economic Thought of Harold Hotelling

  • Adrian C. Darnell
Chapter

Abstract

Harold Hotelling was one of the most important of the twentieth-century pioneers of mathematical economics and mathematical statistics.1 In both fields he is recognised for his powerful theoretical contributions2 and he was a most effective and caring teacher. His influence, both as an economist and as a statistician, is felt not only through his publications (a large number of which are seminal3), but also through his students, amongst whom one can count many of the leading economists and statisticians of the next generation.4

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Allen, R. G. D. (1931): Review of Mathematical Introduction to Economics. Economica, 11, 108–9.CrossRefGoogle Scholar
  2. Allen, R. G. D. (1932): The foundation of a mathematical theory of exchange. Economica, 12, 197–226.CrossRefGoogle Scholar
  3. Allen, R. G. D. (1938): Mathematical Analysis for Economists. London: Macmillan.Google Scholar
  4. American Economic Review (1974): In Memoriam, Harold Hotelling. 64, 1102–3.Google Scholar
  5. Anscombe, F. J. (1980): Comment. Journal of the American Statistical Association, 75, 331.Google Scholar
  6. Arrow, K. J. (1987): Harold Hotelling, in Eatwell, J, Milgate, M. and Newman, P. (eds.), The New Palgrave. London: Macmillan, 2, pp. 670–1.Google Scholar
  7. d’Aspremont, P., Gabszewicz, J.-J. and Thisse, J.-T. (1979): On Hotelling’s “Stability in competition”. Econometrica, 47, 1145–56.CrossRefGoogle Scholar
  8. Bell, E. T. (1937): Men of Mathematics, New York: Simon and Schuster.Google Scholar
  9. Bowley, A. L. (1932): Review of Mathematical Introduction to Economics. Economic Journal, 42, 93–4.CrossRefGoogle Scholar
  10. Conrad, J. M. and Clark, C. W. (1987): Natural Resource Economics: Notes and Problems. Cambridge: Cambridge University Press.Google Scholar
  11. Cummings, R. G. (1969): Some extensions of the economic theory of exhaustible resources. Western Economic Journal, 7, 201–10.Google Scholar
  12. Darnell A. C. (1982): Bowley, Wicksell and the development of mathematical economics. Scottish Journal of Political Economy, 29, 156–80.CrossRefGoogle Scholar
  13. Darnell A. C. (1988): Harold Hotelling 1895–1973. Statistical Science, 3, 57–62.CrossRefGoogle Scholar
  14. Dean, R. D., Leahy, W. H., and McKee, D. L. (1970): Spatial Economic Theory. New York: The Free Press.Google Scholar
  15. Devarajan, S. and Fisher, A. C. (1981): Hotelling’s “Economics of exhaustible resources”: Fifty years later. Journal of Economic Literature, 19, 65–73.Google Scholar
  16. Edgeworth, F. Y. (1897): Teoria pura del monopolio. Giornale degli Economisti. Translated and reprinted as “The theory of monopoly” in Edgeworth ( 1925 ), Vol. I, pp. 111–42.Google Scholar
  17. Edgeworth, F. Y. (1897a): The pure theory of taxation. Economic Journal, 7, 46–70, 226–38 and 550–71; reprinted in Edgeworth ( 1925 ), Vol. II, pp. 63–125.Google Scholar
  18. Edgeworth, F. Y. (1899): Professor Seligman on the mathematical method in political economy. Economic Journal, 9, 286–315; reprinted as “Professor Seligman on the theory of monopoly” in Edgeworth (1925), Vol. I, pp. 143–71.Google Scholar
  19. Edgeworth, F. Y. (1910): Applications of probabilities to economics. Economic Journal, 20, 284–304 and 441–65; reprinted in Edgeworth ( 1925 ), Vol. II, pp. 387–428.Google Scholar
  20. Edgeworth, F. Y. (1925): Papers Relating to Political Economy, Volumes I, II and I II. London: Macmillan.Google Scholar
  21. Evans, G. C. (1922): A simple theory of competition. American Mathematical Monthly, 29, 371–80.CrossRefGoogle Scholar
  22. Evans, G. C. (1924): The dynamics of monopoly. American Mathematical Monthly, 31, 77–83.CrossRefGoogle Scholar
  23. Evans, G. C. (1925): The mathematical theory of economics. American Mathematical Monthly, 32, 104–10.CrossRefGoogle Scholar
  24. Evans, G. C. (1925a): Economics and the calculus of variations. Proceedings of the National Academy of Science, 11, 90–5.CrossRefGoogle Scholar
  25. Evans, G. C. (1930): Mathematical Introduction to Economics. New York: McGraw-Hill.Google Scholar
  26. Frisch, R. (1939): The Dupuit taxation theorem. Econometrica, 7, 145–50.CrossRefGoogle Scholar
  27. Frisch, R. (1939a): A further note on the Dupuit taxation theorem. Econometrica, 7, 156–7.CrossRefGoogle Scholar
  28. Gordon, R. L. (1967): A reinterpretation of the pure theory of exhaustion. Journal of Political Economy, 75, 274–86.CrossRefGoogle Scholar
  29. Gray, L. C. (1914): Rent under the assumption of exhaustibility. Quarterly Journal of Economics, 28, 497–519.CrossRefGoogle Scholar
  30. Grubel, H. G. and Boland, L. A. (1986): On the efficient use of mathematics in economics: Some theory, facts and results of an opinion survey. Kyklos, 39, 419–42.CrossRefGoogle Scholar
  31. Herbert, R. F. and Ekelund, R. F. (1984): Welfare Economics in Creedy, J. and O’Brien, D. P. (eds.), Economic Analysis in Historical Perspective. London: Butterworths, pp. 46–83.Google Scholar
  32. Herfindahl, O. C. (1967): Depletion and economic theory, Chapter 3 in Gaffney, M. (ed.), Extractive Resources and Taxation. Madison: University of Wisconsin Press, pp. 63–90.Google Scholar
  33. Hicks, J. R. (1939): Value and Capital. Oxford: Oxford University Press.Google Scholar
  34. Hicks, J. R. and Allen, R. G. D. (1934): A reconsideration of the theory of value, part I. Economica, n.s., 1, 52–76 and A reconsideration of the theory of value, part II: A mathematical theory of individual demand functions. Economica, n.s., 1, 196–219.Google Scholar
  35. Hotelling, H. (1925): A general mathematical theory of depreciation. Journal of the American Statistical Association, 20, 340–53.CrossRefGoogle Scholar
  36. Hotelling, H. (1925a): Economics problems involving maxima of functionals. Bulletin of the American Mathematical Society, 31, 202.Google Scholar
  37. Hotelling, H. (1925b): Theory of mine economics. Bulletin of the American Mathematical Society, 31, 389.Google Scholar
  38. Hotelling, H. (1925c): Three-dimensional manifolds of states of motion. Transactions of the American Mathematical Society, 27, 329–44.CrossRefGoogle Scholar
  39. Hotelling, H. (1925d): The distribution of correlation ratios calculated from random data. Proceedings of the National Academy of Science, 11, 657–62.CrossRefGoogle Scholar
  40. Hotelling, H. (1926): Multiple-sheeted spaces and manifolds of states of motion Transactions of the American Mathematical Society, 38, 479–90.CrossRefGoogle Scholar
  41. Hotelling, H. (1926a): Two generalisations of the Pearsonian correlation coefficient. Bulletin of the American Mathematical Society, 32, 98.Google Scholar
  42. Hotelling, H. (1927): Differential equations subject to error, and population estimates. Journal of the American Statistical Society, 22, 283–314.Google Scholar
  43. Hotelling, H. (1929): Stability in competition. Economic Journal, 39, 41–57.CrossRefGoogle Scholar
  44. Hotelling, H. (1930): The consistency and ultimate distribution of optimum statistics. Transactions of the American Mathematical Society, 32, 847–59.CrossRefGoogle Scholar
  45. Hotelling, H. (1931): The economics of exhaustible resources. Journal of Political Economy, 39, 137–75.CrossRefGoogle Scholar
  46. Hotelling, H. (1931a): The generalization of Student’s ratio. Annals of Mathematical Statistics, 2, 360–78.CrossRefGoogle Scholar
  47. Hotelling, H. (1931b): Review of Mathematical Introduction to Economics. Journal of Political Economy, 39, 107–9.CrossRefGoogle Scholar
  48. Hotelling, H. (1931c): Review of Mathematical Introduction to Economics. American Mathematical Monthly, 38, 101–3.CrossRefGoogle Scholar
  49. Hotelling, H. (1932): Edgeworth’s taxation paradox and the nature of supply and demand functions. Journal of Political Economy, 40, 577–616.CrossRefGoogle Scholar
  50. Hotelling, H. (1933): Note on Edgeworth’s taxation phenomenon and Professor Garver’s additional condition on demand functions. Econometrica, 1, 408–9.CrossRefGoogle Scholar
  51. Hotelling, H. (1933a): Analysis of a complex of statistical variables with principal components. Journal of Educational Psychology, 24, 417–441 and 498–520.Google Scholar
  52. Hotelling, H. (1935): Demand functions with limited budgets. Econometrica, 3, 66–78.CrossRefGoogle Scholar
  53. Hotelling, H. (1936): Curtailing production is anti-social. Columbia Alumni News, 28, 3 and 16.Google Scholar
  54. Hotelling, H. (1936a): Relations between two sets of variates. Biometrika, 28, 321–77.Google Scholar
  55. Hotelling, H. (1938): The general welfare in relation to problems of taxation and of railway and utility rates. Econometrica, 6, 242–69.CrossRefGoogle Scholar
  56. Hotelling, H. (1939): The relation of prices to marginal cost in an optimum system. Econometrica, 7, 151–5.CrossRefGoogle Scholar
  57. Hotelling, H. (1939a): A final note. Econometrica, 7, 158–60.CrossRefGoogle Scholar
  58. Hotelling, H. (1939b): The work of Henry Schultz, Econometrica, 7, 97–103.CrossRefGoogle Scholar
  59. Hotelling, H. (1940): The teaching of statistics. Annals of Mathematical Statistics, 11, 457–70.CrossRefGoogle Scholar
  60. Hotelling, H. (1940a): Appendix: Questions of Preinreich. Econometrica, 8, 39–44.Google Scholar
  61. Hotelling, H. (1943): Income tax revision as proposed by Irving Fisher. Econometrica, 11, 83–7.CrossRefGoogle Scholar
  62. Hotelling, H. (1947): Multivariate quality control, illustrated by the air testing of sample bomb-sights. Chapter 3 in Eisenhart, C., Hastay, M. W. and Wallis, W. A. (eds.). Selected Techniques of Statistical Analysis. New York: McGraw-Hill, pp. 111–84.Google Scholar
  63. Hotelling, H. (1955): Econometrics. Encyclopedia Americana, Chicago: Americana Corp., p. 556.Google Scholar
  64. Hotelling, H. (1958): C. F. Roos, Econometrician and mathematician. Science, 128, 1194–5.CrossRefGoogle Scholar
  65. Hotelling, H. and Working, H. (1929): Applications of the theory of error to the interpretation of trends. Journal of the American Statistical Association, 24, 73–85.CrossRefGoogle Scholar
  66. Kruskal, W. H. (1980): Comment—first interaction with Harold Hotelling; testing the Norden bomb-sight. Journal of the American Statistical Association, 75, 331–3.CrossRefGoogle Scholar
  67. Lerner, A. P. and Singer, H. W. (1937): Some notes on duopoly and spatial competition. Journal of Political Economy, 45, 145–86.CrossRefGoogle Scholar
  68. Madow, W. G. (1960): Harold Hotelling in Olkin, I., Ghurye, S. G., Hoeffding, W., Madow, W. G. and Mann, H. B. (eds.), Contributions to Probability and Statistics, Essays in Honour of Harold Hotelling. Stanford: Stanford University Press, PP. 3–5.Google Scholar
  69. Morrison, C. C. and Pfouts, R. W. (1981): Hotelling’s proof of the marginal cost pricing theorem. Atlantic Economic Journal, 9, 34–7.CrossRefGoogle Scholar
  70. Neyman, J. (1960): Harold Hotelling—A leader in mathematical statistics, in Olkin, I., Ghurye, S. G., Hoeffding, W., Madow, W. G. and Mann, H. B. (eds.), Contributions to Probability and Statistics, Essays in Honour of Harold Hotelling. Stanford: Stanford University Press, pp. 6–10.Google Scholar
  71. Olkin, I, Ghurye, S. G., Hoeffding, W., Madow, W. G. and Mann, H. B. (eds.), (1960): Contributions to Probability and Statistics Essays in Honour of Harold Hotelling. Stanford: Stanford University Press.Google Scholar
  72. Peterson, F. M. and Fisher, A. C. (1977): The exploitation of exhaustible resources: A survey. Economic Journal, 87, 681–721.CrossRefGoogle Scholar
  73. Pfouts, R. W. and Leadbetter, M. R. (1979): Hotelling, Harold, The International Encyclopaedia of the Social Sciences, 18, 325–8.Google Scholar
  74. Ponsard, C. (1983): History of Spatial Economic Theory. Berlin: Springer-Verlag. (This is a revised, translated, version of the original French edition of 1958.)Google Scholar
  75. Preinreich, G. A. D. (1940): The economic life of industrial equipment (with Appendix). Econometrica, 8, 12–39 and 39–44.Google Scholar
  76. Ramsey, F. P. (1927): A contribution to the theory of taxation. Economic Journal, 37, 47–61.CrossRefGoogle Scholar
  77. Ramsey, F. P. (1928): A mathematical theory of saving. Economic Journal, 39, 543–59.CrossRefGoogle Scholar
  78. Ruggles, N. (1949–50): Recent development in the theory of marginal-cost pricing, Review of Economic Studies, 17, 107–26.CrossRefGoogle Scholar
  79. Samuelson, P. A. (1950): The problem of integrability in utility theory. Economica, n.s., 17, 355–85.CrossRefGoogle Scholar
  80. Samuelson, P. A. (1960): Harold Hotelling as a mathematical economist. American Statistician, 14, 21–5.CrossRefGoogle Scholar
  81. Samuelson, P. A. (1983): Foundations of Economic Analysis. Cambridge, MA, Harvard Economic Studies, Vol. 80 (revised edition).Google Scholar
  82. Schultz, H. (1938): The Theory and Measurement of Demand. Chicago: Chicago University Press.Google Scholar
  83. Smith, W. L. (1978): Harold Hotelling 1895–1973. The Annals of Statistics, 6, 1173–83.CrossRefGoogle Scholar
  84. Smithies, A (1941): Optimum location in spatial competition. Journal of Political Economy, 49, 423–39.CrossRefGoogle Scholar
  85. Sraffa, P. (1926): The laws of returns under competitive conditions. Economic Journal, 36, 535–50.CrossRefGoogle Scholar
  86. Taylor, J. S. (1923): A statistical theory of depreciation based on unit cost. The Journal of the American Statistical Association, 18, 1010–23.CrossRefGoogle Scholar
  87. Taylor, J. S. (1925): A note on the theory of depreciation. Bulletin of the American Mathematical Society, 31, 222.CrossRefGoogle Scholar
  88. Wallis, W. A. (1980): The Statistical Research Group, 1942–45. Journal of the American Statistical Association, 75, 320–30 and 334–5.Google Scholar
  89. Wright, P. G. (1931): Review of Mathematical Introduction to Economics. American Economic Review, 21, 93–5.Google Scholar

Copyright information

© Springer-Verlag New York Inc. 1990

Authors and Affiliations

  • Adrian C. Darnell
    • 1
  1. 1.The Department of EconomicsUniversity of DurhamDurhamEngland

Personalised recommendations