Harold hotelling biography
- Harold Hotelling was an American mathematical statistician and an influential economic theorist, known for Hotelling's law, Hotelling's lemma.
- Harold Hotelling was an American mathematical statistician who wrote important papers on economics as well as on statistics.
- Harold Hotelling was an American mathematical statistician and an influential economic theorist, known for Hotelling's law, Hotelling's lemma, and Hotelling's rule in economics, as well as Hotelling's T-squared distribution in statistics.
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Quick Info
Fulda, Minnesota, USA
Chapel Hill, North Carolina, USA
Biography
Harold Hotelling's father, Clair Alberta Hotelling, had a business selling hay. If this sounds a little strange, the reader should realise that he had entered the business at a time when horses were the main means of transport and hay was their fuel. Harold's mother was Lucy Amelia Rawson who was descended from Edward Rawson who was Secretary of the Massachusetts Bay colony soon after it was founded by English Puritan settlers in 1630. In fact Hotelling could trace his family back much further than the seventeenth century, to important people in England and Holland. Harold was the oldest of his parents' six children who were brought up according to strict Methodist principles. Now the year Harold was born marks the beginning of automobile production in the United States and soon it became clear that automob- •
Biography of Harold Hotelling
Copyright cā by Stochastikon GmbH (http://encyclopedia.stochastikon.com) 1<br />
<strong>Biography</strong> <strong>of</strong> <strong>Harold</strong> <strong>Hotelling</strong><br />
Dates <strong>of</strong> Birth and Death:<br />
(ā) 29 September 1895 in Fulda, Minnesota, USA<br />
(ā ) 26 December 1973 in Chapel Hill, North Carolina, USA<br />
Family Data:<br />
<strong>Hotelling</strong> spent his youth in Seattle, Washington.<br />
In 1920, <strong>Hotelling</strong> married Floy Tracy, they had two children. After her<br />
death in 1934, he married Susanna Edmundson, they had five sons.<br />
Education:<br />
In 1919 <strong>Hotelling</strong> made his B.A. in Journalism, in 1921 he finished his studies<br />
with the M.A. in Mathematics at the University <strong>of</strong> Washington.<br />
In 1924 he made his PhD at Princeton University.<br />
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Hotelling's law
Observation in economics
Not to be confused with Hotelling's rule.
Hotelling's law is an observation in economics that in many markets it is rational for producers to make their products as similar as possible. This is also referred to as the principle of minimum differentiation as well as Hotelling's linear city model. The observation was made by Harold Hotelling (1895–1973) in the article "Stability in Competition" in the Economic Journal in 1929.[1]
The opposing phenomenon is product differentiation, which is usually considered to be a business advantage if executed properly.
Example
Suppose there are two competing shops located along the length of a street diverse running north and south, with customers spread equally along the street. Both shop owners want their shops to be where they will get most market share of customers. If both shops sell the same range of goods at the same prices then the locations of the shops are themselves the 'products'. Each customer will always choose the nearer shop as it is disadvantageous
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