It has been long recognized that an exhaustible-resource monopsonist faces a commitment problem similar to that of a durable-good monopolist. Indeed, Hörner and Kamien (2004) demonstrate that the two problems are formally equivalent under full commitment. We show that there is no such equivalence in the absence of commitment. The existence of a choke price at which the monopsonist adopts the su...

I develop a simple Hotelling model which corresponds the distribution of consumer preferences to the intensity of competition. This is a new perspective on consumer distribution in the Hotelling model. I impose two properties, mean preserving spread (MPS) and monotone likelihood ratio property (MLRP), on distribution functions. These properties provide a way to measure the intensity of competit...

Recent advances in model observers that predict human perceptual performance now make it possible to optimize medical imaging systems for human task performance. We illustrate the procedure by considering the design of a lens for use in an optically coupled digital mammography system. The channelized Hotelling observer is used to model human performance, and the channels chosen are differences ...

We show that crude oil production from existing wells in Texas does not respond to current or expected future oil prices, contradicting a basic prediction of Hotelling’s (1931) canonical model of exhaustible resource extraction. In contrast, the drilling of new wells exhibits a strong price response, as does the rental rate on drilling rigs. To explain these observations, we reformulate Hotelli...

Hotelling’s T 2 statistic is an important tool for inference about the center of a multivariate normal population. However, hypothesis tests and confidence intervals based on this statistic can be adversely a¤ected by outliers. Therefore, we construct an alternative inference technique based on a statistic which uses the highly robust MCD estimator [9] instead of the classical mean and covarian...

background: taking visual acuity is an important part of an eye routine examination. this study was conducted to compare visual acuity measured using an iranian digital tumbling e chart with visual acuity measured using an italian digital tumbling e chart as a familiar foreign chart. materials and methods: this study was carried out on 200 participants (400 eyes; healthy n=40, glaucoma n=40, re...

The n-player Hotelling game calls for each player to choose a point on the line segment, so as to maximize the size of his Voronoi cell. This paper studies fault-tolerant versions of the Hotelling game. Two fault models are studied: line faults and player faults. The first model assumes that the environment is prone to failure: with some probability, a disconnection occurs at a random point on ...