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Explanatory value in context: the curious case of Hotelling’s location model

Aydinonat, N. Emrah and Köksal, Emin (2019) Explanatory value in context: the curious case of Hotelling’s location model. The European Journal of the History of Economic Thought, 26 (5). pp. 879-910. ISSN 0967-2567

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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.


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Item Type: Published Article or Volume
Creators:
CreatorsEmailORCID
Aydinonat, N. Emrah
Köksal, Emin
Keywords: Harold Hotelling, principle of minimum differentiation, explanatory value, representational adequacy, robustness
Subjects: Specific Sciences > Economics
General Issues > Explanation
General Issues > Models and Idealization
Depositing User: Dr. N. Emrah Aydinonat
Date Deposited: 12 Dec 2020 14:57
Last Modified: 12 Dec 2020 14:57
Item ID: 17314
Journal or Publication Title: The European Journal of the History of Economic Thought
Official URL: http://doi.org/10.1080/09672567.2019.1626460
DOI or Unique Handle: https://doi.org/10.1080/09672567.2019.1626460
Subjects: Specific Sciences > Economics
General Issues > Explanation
General Issues > Models and Idealization
Date: 2019
Page Range: pp. 879-910
Volume: 26
Number: 5
ISSN: 0967-2567
URI: https://philsci-archive-dev.library.pitt.edu/id/eprint/17314

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