/**
* Returns a hash code for this string. The hash code for a
* {@code String} object is computed as
* <blockquote><pre>
* s[0]*31^(n-1) + s[1]*31^(n-2) + ... + s[n-1]
* </pre></blockquote>
* using {@code int} arithmetic, where {@code s[i]} is the
* <i>i</i>th character of the string, {@code n} is the length of
* the string, and {@code ^} indicates exponentiation.
* (The hash value of the empty string is zero.)
*
* @return a hash code value for this object.
*/
public int hashCode() {
int h = hash;
if (h == 0 && value.length > 0) {
char val[] = value;
for (int i = 0; i < value.length; i++) {
h = 31 * h + val[i];
}
hash = h;
}
return h;
}
According to Joshua Bloch's Effective Java (a book that can't be recommended enough, and which I bought thanks to continual mentions on stackoverflow):
The value 31 was chosen because it is an odd prime. If it were even and the multiplication overflowed, information would be lost, as multiplication by 2 is equivalent to shifting. The advantage of using a prime is less clear, but it is traditional. A nice property of 31 is that the multiplication can be replaced by a shift and a subtraction for better performance: 31 * i == (i << 5) - i. Modern VMs do this sort of optimization automatically.
(from Chapter 3, Item 9: Always override hashcode when you override equals, page 48)
References
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