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The short-run approach to long-run equilibrium in competitive markets = a general theory with application to peak-load pricing with storage /

Record Type:	Language materials, printed : Monograph/item
Title/Author:	The short-run approach to long-run equilibrium in competitive markets/ by Anthony Horsley, Andrew J. Wrobel.
Reminder of title:	a general theory with application to peak-load pricing with storage /
Author:	Horsley, Anthony.
other author:	Wrobel, Andrew J.
Published:	Cham :Springer International Publishing : : 2016.,
Description:	x, 195 p. :ill., digital ; : 24 cm.;
Contained By:	Springer eBooks
Subject:	Equilibrium (Economics) -
Online resource:	http://dx.doi.org/10.1007/978-3-319-33398-4
ISBN:	9783319333984

The short-run approach to long-run equilibrium in competitive markets = a general theory with application to peak-load pricing with storage /
Horsley, Anthony.

The short-run approach to long-run equilibrium in competitive marketsa general theory with application to peak-load pricing with storage /[electronic resource] :by Anthony Horsley, Andrew J. Wrobel. - Cham :Springer International Publishing :2016. - x, 195 p. :ill., digital ;24 cm. - Lecture notes in economics and mathematical systems,6840075-8442 ;. - Lecture notes in economics and mathematical systems ;664..

Introduction -- Peak-load pricing with cross-price independent demands: a simple illustration -- Characterizations of long-run producer optimum -- Short-run profit approach to long-run market equilibrium -- Short-run approach to electricity pricing in continuous time -- Existence of optimal quantities and shadow prices with no duality gap -- Production techniques with conditionally fixed coefficients -- Conclusions.

The authors present a new formal framework for finding the long-run competitive market equilibrium through short-run equilibria by exploiting the operating policies and plant valuations. This "short-run approach" develops ideas of Boiteux and Koopmans. Applied to the peak-load pricing of electricity generated by thermal, hydro and pumped-storage plants, it gives a sound and practical method of valuing the fixed assets--in this case, the river flows and the geological sites suitable for reservoirs. Its main mathematical basis is the producer's short-run profit maximization programme and its dual; their solutions have relatively simple forms that can greatly ease the fixed-point problem of solving for the general equilibrium. Since the optimal values (profit and cost functions) are usually nondifferentiable--this is so when there are joint costs of production such as capacity constraints--nonsmooth calculus is employed to resolve long-standing discrepancies between textbook theory and industrial reality by giving subdifferential extensions of basic results of microeconomics, including the Wong-Viner Envelope Theorem.

ISBN: 9783319333984

Standard No.: 10.1007/978-3-319-33398-4doiSubjects--Topical Terms:

561394
Equilibrium (Economics)

LC Class. No.: HB145 / .H67 2016

Dewey Class. No.: 339.5

The short-run approach to long-run equilibrium in competitive markets = a general theory with application to peak-load pricing with storage /
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505 0 $a Introduction -- Peak-load pricing with cross-price independent demands: a simple illustration -- Characterizations of long-run producer optimum -- Short-run profit approach to long-run market equilibrium -- Short-run approach to electricity pricing in continuous time -- Existence of optimal quantities and shadow prices with no duality gap -- Production techniques with conditionally fixed coefficients -- Conclusions.
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