Hotelling, Harold
Published: January 17, 2009, 1:22 pm
Updated: January 17, 2009, 1:22 pm
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Peter Saundry Harold Hotelling (1895-1973), an American economist, is considered a pioneer in the field of mathematical statistics and economics. In 1931, he published
The Economics of Exhaustible Resources in which he argued that the net price of a
nonrenewable resource such as oil or copper would rise over time at the rate of interest. Depletion of the resource, absent technical change, would generate a scarcity rent that grew over time. The Hotelling model was among the first to use the calculus of variations, and it would form the foundation for the theory of exhaustible resources in neoclassical economics. Hotelling was also very active in promoting the use of statistics education in a wide range of disciplines. Further Reading
Statisticians in History: Harold Hotelling (American Statistical Association)
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Citation
Cutler J. Cleveland (Lead Author);Peter Saundry (Topic Editor) "Hotelling, Harold". In: Encyclopedia of Earth. Eds. Cutler J. Cleveland (Washington, D.C.: Environmental Information Coalition, National Council for Science and the Environment). [First published in the Encyclopedia of Earth January 17, 2009; Last revised Date January 17, 2009; Retrieved May 22, 2013 <http://www.eoearth.org/article/Hotelling,_Harold>
The Author
Cutler J. Cleveland is Professor of Earth and Environment at Boston University, where he also is on the faculty of the Center for Energy and Environmental Studies. Professor Cleveland is Editor-in-Chief of the Encyclopedia of Energy (Elsevier, 2004), winner of an American Library Association award, the Dictionary of Energy (Elsevier, 2005), Handbook of Energy (Elsevier, forthcoming), and is the Founding Editor-in-Chief of the Encyclopedia of Earth. He is the recipient of the Adelma ... (Full Bio)
Harold Hotelling (1895-1973), an American economist, is considered a pioneer in the field of mathematical statistics and economics. In 1931, he published
The Economics of Exhaustible Resources in which he argued that the net price of a
nonrenewable resource such as oil or copper would rise over time at the rate of interest. Depletion of the resource, absent technical change, would generate a scarcity rent that grew over time. The Hotelling model was among the first to use the calculus of variations, and it would form the foundation for the theory of exhaustible resources in neoclassical economics. Hotelling was also very active in promoting the use of statistics education in a wide range of disciplines. Further Reading
Statisticians in History: Harold Hotelling (American Statistical Association)
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