Download PDF by Adrian C. Darnell (auth.), Adrian C. Darnell (eds.): The Collected Economics Articles of Harold Hotelling

By Adrian C. Darnell (auth.), Adrian C. Darnell (eds.)

ISBN-10: 1461389054

ISBN-13: 9781461389057

ISBN-10: 1461389070

ISBN-13: 9781461389071

In 1985 I first begun my study at the lifestyles and paintings of Harold resort­ ling. That 12 months, Harold Hotelling's widow had donated the gathering of his inner most p:;tpers, correspondence and manuscripts to the Butler Library, Columbia college. this can be a superb position for them to dwell, in that Hotelling's most efficient interval as an lively researcher in eco­ nomics and information coincides with the years whilst he was once Professor of Mathematical Economics at Columbia (1931-1946). The Hotelling assortment includes a few 13,000 separate goods and includes a variety of unpublished letters and manuscripts of serious value to historians of economics and information. through the following 12 months i used to be capable, with the beneficiant monetary guidance of the Nuffield beginning, the industrial and Social learn Council, the British Academy and the collage of Durham, to spend six weeks over the Easter interval engaged on the gathering. I lower back to long island in September 1986 whereas on sabbatical go away from the collage of Durham, and that i spent many of the following 8 months analyzing the various records within the assortment. in the course of that educational yr i used to be thankful to Columbia college who gave me the identify of vacationing learn Professor and gave me the liberty to paintings of their many well-stocked libraries.

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A. Saliers, Depreciation, Principles and Applications, Ronald Press, 1922, pp. 172-178. Harold HoteIIing 48 thus write as an approximation which is probably good enough for all existing data, A{t) = ct{t) + a{t) Y{t) + b E Y{Jl) dJl. The additional cost of a small temporary increment z to the total output, concentrated in a time dt, consists partly of increased operating cost at this time and partly of depreciation due to subsequent increase in operating cost. The first part is obviously za{t).

But operating cost always includes elements which depend on the value. Hence we cannot know the operating cost until we know the value; that is, until the problem is solved. We shall resolve this difficulty by solving a simple integral equation. The viewpoint of the present treatment is that the owner wishes to maximize the present value of the output minus the operating costs of the machine or other property. This quantity is, in fact, the value of the property. The first step is, therefore, to set up an expression for the value of the property in terms of value of output, operating costs, and the life of the property.

Statistical Analysis. Journal of the American Statistical Association, 21, 360-3. Dublin, L. : Population Problems in the United States and Canada. Journal of the American Statistical Association, 21,503-5. 1927 Fisher, R. : Statistical Methods for Research Workers. Journal of the American Statistical Association, 22, 411-2. 34 Harold Hotelling 1928 Elderton, W. : Frequency Curves and Correlation. Bulletin of the American Mathematical Society, 34,515-6. Fisher, R. : Statistical Methodsfor Research Workers, 2nd ed.

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The Collected Economics Articles of Harold Hotelling by Adrian C. Darnell (auth.), Adrian C. Darnell (eds.)


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