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His 1932 piece reworked the theory of production into a choice-theoretic framework based on profit-maximization, setting the foundations of the modern Neoclassical approach. His 1935 derivation of demand was actually simultaneous with that of Hicks and Allen. His famous 1938 presidential address to the Econometric Society introduced the "marginal cost pricing" equilibrium as a general welfare proposition: roughly, that economic efficiency is achieved if every good is produced and priced at marginal cost. This would be the foundation of the Fundamental Welfare Theorems of Paretian general equilibrium theory. It was also here that he introduced his famous "two-part" tariff as an alternative solution in situations of natural monopoly.
Harold Hotelling was a Professor in the Department of Geology at Stanford University, and his article, "The Economics of Exhaustible Resources" (see below), is cited very frequently by those who are interested in sustainability. The first two pages of the Hotelling paper which are posted give a glimpse only into his fears and concerns, but not for the "free market" problems of discounting for which the article is normally referenced. This is described in the following paragraphs. The Harold Hotelling paper is often referenced because of its description of the "Free Market" mechanism by which our descendants are systematically deprived of any significant access to the finite natural resources which we currently have at our disposal. This mechanism works as follows.
A esta ley tambin se le conoce como el principio de diferenciacin mnima o tambin como el modelo de la ciudad lineal.
Se consideran dos empresas que producen bienes idnticos pero en locales distintos. Cada empresa escoge su propio precio y vende el bien a ese precio en su local.
Las posibilidades de localizacin tanto para las firmas como los consumidores estn re presentadas por un segmento de recta (la calle principal).
Porqu las tiendas de muebles para bao, de comida rpida o cines tienden a concentrarse en un mismo lugar?
La lnea tiene una longitud L = a + x + y + b Tomando como uno el nivel de demanda por cada unidad de
longitud, las dos firmas venden conjuntamente q1+q2 = L.
cL
cL
2 a b p1 p1 p1 p2 2c
2 p1 , p2 p2 q2 p2 b y
2 a b p2 p2 p1 p2 2c
1 p1 , p2 p1
a b p p 1 2 O 2 c 2c
2 p1 , p2 p2
a b p p 2 1 O 2 c 2c
p2
cL a b p 1 2 2
p* 1
c 3L a b 3
p* 2
c 3L - a b 3
Observa que los precios son mayores al costo marginal. Por ltimo,
las cantidades de produccin de equilibrio son entonces:
Empresa 1 Empresa 2
q* a x 1
3L
a b 6
q* b y 2
3L
a b 6
Referencias
Esta presentacin la puedes encontrar en el libro de Sergio Monsalve (Editor), Introduccin a los conceptos de equilibrio en economa, publicado en 2002 por Unibiblos, Universidad Nacional de Colombia (pp. 207-209), y disponible en la bsqueda de libros de Google en:
http://books.google.com.mx/books?id=kL00OyFG0JMC&pg=PA208&lpg=PA208&dq=Hotelling&source= web&ots=8NxpUInPWo&sig=JKFZObwar9Z_Ml0kVoJGC3iJTSc&hl=es&sa=X&oi=book_result&resnum=4 &ct=result#PPA7,M1
La referencia original es: Hotelling, H. (1929), Stability in Competition, Economic Journal, 39, 41-57. Algunos importantes artculos relacionados con el modelo de Hotelling y la diferenciaciacin del producto son: Chamberlin, Edward H. (1933), Theory of Monopolistic Competition. D'Aspremont, C., Gabszewicz, J.J., Thisse, J.F. (1979), On Hotelling "Stability in Competition", Econometrica, 47, 1145-50. Barney, Jay y William G. Ouchi (ed.) (1986), Toward a New Paradigm for Understing and Studying Organization, Jossey Boss Publishers San Francisco, London.