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Competitive Equilibrium in a Radial Network

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  • Cho, In-Koo

Abstract

In a competitive market over a network with finite capacity, we can focus without loss of generality on simple allocations, where the net transaction over a link is equal to the gross transaction over the same link. If a simple allocation can be sustained by an equilibrium, then the allocation is efficient. If an equilibrium allocation is equivalent to a simple allocation and if the simple allocation is no longer sustained by an equilibrium, then the original equilibrium allocation is not efficient. For any efficient allocation, an equivalent simple allocation exists that can be sustained by a competitive equilibrium. Copyright 2003 by the RAND Corporation.

Suggested Citation

  • Cho, In-Koo, 2003. "Competitive Equilibrium in a Radial Network," RAND Journal of Economics, The RAND Corporation, vol. 34(3), pages 438-460, Autumn.
    • Handle: RePEc:rje:randje:v:34:y:2003:i:3:p:438-60
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    Cited by:

    1. Holmberg, Pär & Lazarczyk, Ewa, 2012. "Congestion Management in Electricity Networks: Nodal, Zonal and Discriminatory Pricing," Working Paper Series 915, Research Institute of Industrial Economics.
    2. Pär Holmberg & Andy Philpott, 2014. "Supply function equilibria in transportation networks," Cambridge Working Papers in Economics 1421, Faculty of Economics, University of Cambridge.
    3. Hu, X. & Ralph, D. & Ralph, E.K. & Bardsley, P. & Ferris, M.C., 2004. "Electricity Generation with Looped Transmission Networks: Bidding to an ISO," Cambridge Working Papers in Economics 0470, Faculty of Economics, University of Cambridge.
    4. Kim, Hyunsook & Kim, Sung-Soo, 2010. "The optimal fuel mix and redistribution of social surplus in the Korean power market," Energy Policy, Elsevier, vol. 38(12), pages 7929-7938, December.
    5. Pär Holmberg and Ewa Lazarczyk, 2015. "Comparison of congestion management techniques: Nodal, zonal and discriminatory pricing," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2).
    6. Juan Escobar & Alejandro Jofré, 2010. "Monopolistic competition in electricity networks with resistance losses," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 44(1), pages 101-121, July.
    7. Benjamin Heymann & Alejandro Jofr'e, 2019. "Optimal auctions for networked markets with externalities," Papers 1907.10080, arXiv.org.
    8. Holmberg, P. & Philpott, A.B., 2018. "On supply-function equilibria in radial transmission networks," European Journal of Operational Research, Elsevier, vol. 271(3), pages 985-1000.

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