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A Practical Short-run Approach to Market Equilibrium

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  • Anthony Horsley
  • Andrew J Wrobel

Abstract

The "short-run approach" calculates long-run producer optima and general equilibria bybuilding on short-run solutions to the producer's profit maximization problem and onprofit-based valuation of the fixed inputs. We outline this method and illustrate it on anexample of peak-load pricing.

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Bibliographic Info

Paper provided by Suntory and Toyota International Centres for Economics and Related Disciplines, LSE in its series STICERD - Theoretical Economics Paper Series with number /2005/488.

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Date of creation: Apr 2005
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Handle: RePEc:cep:stitep:/2005/488

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Web page: http://sticerd.lse.ac.uk/_new/publications/default.asp

Related research

Keywords: general equilibrium; fixed-input valuation; nondifferentiable joint costs; Wong-Viner Envelope Theorem; peak-load pricing;

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  1. Anthony Horsley & Andrew J. Wrobel, 2000. "Efficiency rents of pumped-storage plants and their uses for operation and investment decisions," LSE Research Online Documents on Economics 19336, London School of Economics and Political Science, LSE Library.
  2. Horsley, Anthony & Wrobel, Andrew J., 2007. "Profit-maximizing operation and valuation of hydroelectric plant: A new solution to the Koopmans problem," Journal of Economic Dynamics and Control, Elsevier, vol. 31(3), pages 938-970, March.
  3. Anthony Horsley & Andrew J. Wrobel, 2005. "The Wong-Viner envelope theorem for subdifferentiable functions," LSE Research Online Documents on Economics 19309, London School of Economics and Political Science, LSE Library.
  4. Anthony Horsley & Andrew J. Wrobel, 2002. "Boiteux's solution to the shifting-peak problem and the equilibrium price density in continuous time," Economic Theory, Springer, vol. 20(3), pages 503-537.
  5. Anthony Horsley & Andrew J Wrobel, 2001. "Continuity of the Equilibrium Price Density and its Uses in Peak-Load Pricing," STICERD - Theoretical Economics Paper Series 417, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
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