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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.
Description:	X, 195 p. 7 illus.online resource. :
Contained By:	Springer Nature eBook
Subject:	Economic theory. -
Online resource:	https://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. - 1st ed. 2016. - X, 195 p. 7 illus.online resource. - Lecture Notes in Economics and Mathematical Systems,6840075-8442 ;. - Lecture Notes in Economics and Mathematical Systems,679.

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:

809881
Economic theory.

LC Class. No.: HB1-846.8

Dewey Class. No.: 330.1

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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