Explanatory Value in Context : The Curious Case of Hotelling’s Location Model

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Aydinonat , N E & Köksal , E 2019 , ' Explanatory Value in Context : The Curious Case of Hotelling’s Location Model ' , European Journal of the History of Economic Thought , vol. 26 , no. 5 , pp. 879-910 . https://doi.org/10.1080/09672567.2019.1626460

Title: Explanatory Value in Context : The Curious Case of Hotelling’s Location Model
Author: Aydinonat, N. Emrah; Köksal, Emin
Contributor organization: Helsinki Inequality Initiative (INEQ)
Practical Philosophy
TINT – Centre for Philosophy of Social Science
Date: 2019-09-03
Language: eng
Number of pages: 32
Belongs to series: European Journal of the History of Economic Thought
ISSN: 0967-2567
DOI: https://doi.org/10.1080/09672567.2019.1626460
URI: http://hdl.handle.net/10138/321764
Abstract: There is a striking contrast between the significance of Harold Hotelling’s contribution to industrial economics and the fact that his location model was invalid, unrealistic and non-robust. It is difficult to make sense of the explanatory value of Hotelling’s model based on philosophical accounts that emphasize logical validity, representational adequacy, and robustness as determinants of explanatory value. However, these accounts are misleading because they overlook the context within which the explanatory value added of a model is apprehensible. We present Hotelling’s model in its historical context and show why it is an important and explanatory model despite its apparent deficiencies.
Subject: 611 Philosophy
explanation
models
idealization
511 Economics
spatial competition
Harold Hotelling
Hotelling model
principle of minimum differentiation
Peer reviewed: Yes
Usage restriction: openAccess
Self-archived version: acceptedVersion


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