In this paper we expand the standard Hotelling-Downs model (Hotelling 1929; Downs 1957) of spatial competition to a setting where clients do not necessarily choose their closest candidate (retail product or political). Specifically, we consider a setting where clients may disavow all candidates if there is no candidate that is sufficiently close to the client preferences. Moreover, if there are...

This work is concerned with testing the population mean vector of nonnormal high-dimensional multivariate data. Several tests for high-dimensional mean vector, based on modifying the classical Hotelling T2 test, have been proposed in the literature. Despite their usefulness, they tend to have unsatisfactory power performance for heavy-tailed multivariate data, which frequently arise in genomics...

We propose identi…cation robust inference methods for multivariate reduced rank (MRR) regressions. Such models involve nonlinear restrictions on the coe¢ cients of a multivariate linear regression (MLR), whose identi…cation may raise serious non-regularities leading to the failure of standard asymptotics. To circumvent such problems, we propose con…dence set estimates for parameters of interest...

This paper provides new results to the literature, showing that output flexibility in oil production depends on extraction technology. In particular, constructing a novel well‐level monthly dataset covering more than 16,000 crude wells North Dakota, we find supply elasticity of shale be positive and range 0.3–0.9, depending firms characteristics. We no such responses for conventional wells. int...

The present paper reviews the literature on the empirical implications of the Hotelling rule and suggests directions for further research in this area.

Abstract Perfectly operating markets only exist in theory. Market failures are known to not inhibit the proper functioning of market, but also affect sustainability and thus a transition. In this regard, much attention has been paid externalities or missing markets, even though these market failures. paper, we argue that power its relationship with neglected, despite fact that, back 1931, Hotel...

We investigate a mixed duopoly market where a welfare−maximizing public firm competes against a profit−maximizing private firm, using a linear−city location−then−price model with linear transportation costs. We find that, compared with the results in the purely private duopoly case discussed by Hotelling (1929) and d' Aspremont, Gabszewicz, and Thisse (1979), the condition under which price equ...