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A Practical Short-run Approach to Market Equilibrium

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Author Info
Anthony Horsley
Andrew J Wrobel

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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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File URL: http://sticerd.lse.ac.uk/dps/te/te488.pdf
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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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Related research
Keywords: general equilibrium; fixed-input valuation; nondifferentiable joint costs; Wong-Viner Envelope Theorem; peak-load pricing;

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Find related papers by JEL classification:
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor 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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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. 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. [Downloadable!]
  2. 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. [Downloadable!] (restricted)
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  3. 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. [Downloadable!] (restricted)
  4. Anthony Horsley & Andrew Wrobel, 2005. "Continuity of the equilibrium price density and its uses in peak-load pricing," Economic Theory, Springer, vol. 26(4), pages 839-866, November. [Downloadable!] (restricted)
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