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...

Endpoint detection is very important undertaking on the side of getting a good understanding and figuring out if a plasma etching process is done in the right way, especially if the etched area is very small (0.1%). It truly is a crucial part of supplying repeatable effects in every single wafer. When the film being etched has been completely cleared, the endpoint is reached. To ensure the desi...

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 ...

We consider noise in computed tomography images that are reconstructed using the classical direct fan-beam filtered backprojection algorithm, from both fulland short-scan data. A new, accurate method for computing image covariance is presented. The utility of the new covariance method is demonstrated by its application to the implementation of a channelized Hotelling observer for a lesion detec...

This paper re-examines the Hotelling model of optimal nonrenewable resource extraction in light of stock effects and technological progress. We assume functional forms for cost and demand so that the solution to the Hotelling problem is a steady-state consistent with the empirical observation that the growth rates of market prices have remained zero over a long period of time. We use data on 14...

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...