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How did Hollinger come up with the formula he did forhis PER formula?

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How did Hollinger come up with the formula he did for PER?

Here is the Wikipedia article for John Hollinger's player efficiency rating (PER) statistic, which is commonly used as an "all-in-one" for (mostly offensive) performance in basketball. I would like to know how Hollinger cooked this formula up. I would guess it was based on some kind of historical regression, but I haven't been able to find out exactly (or even vaguely) what it is anywhere on the internet.