A Practical Short-run Approach to Market Equilibrium
AbstractThe "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 InfoPaper 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.
Date of creation: Apr 2005
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general equilibrium; fixed-input valuation; nondifferentiable joint costs; Wong-Viner Envelope Theorem; peak-load pricing;
Find related papers by JEL classification:
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- D41 - Microeconomics - - Market Structure and Pricing - - - Perfect Competition
- D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
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- Anthony Horsley & Andrew Wrobel, 2005.
"Continuity of the equilibrium price density and its uses in peak-load pricing,"
Springer, vol. 26(4), pages 839-866, November.
- 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.
- Anthony Horsley & Andrew J Wrobel, 2005. "The Wong-Viner Envelope Theorem for subdifferentiable functions," STICERD - Theoretical Economics Paper Series /2005/489, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- Horsley, Anthony & Wrobel, Andrew J., 2002.
"Efficiency rents of pumped-storage plants and their uses for operation and investment decisions,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 27(1), pages 109-142, November.
- Anthony Horsley & Andrew J Wrobel, 2000. "Efficiency Rents of Pumped-Storage Plants and their Uses for Operation and Investment Decisions," STICERD - Theoretical Economics Paper Series 405, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- 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.
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