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The Short-Run Approach to LRMC Pricing for Multiple Outputs with Nondifferentiable Costs

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Author Info
Anthony Horsley
Andrew J Wrobel

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Abstract

Using convex calculus, we extend the Wong-Viner Theorem to nondifferentiable costs by equating the capital inputs' rental prices to their profit-imputed marginal values. Thus extended, the short-run approach to LRMC pricing is applied to peak-load pricing with storage.

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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 393.

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Date of creation: Jun 2000
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Handle: RePEc:cep:stitep:393

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Keywords: Wong-Viner theorem; multiple outputs; peak-load pricing; energy storage;

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References listed on IDEAS
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  1. Anthony Horsley & Andrew J Wrobel, 1996. "Uninterruptible Consumption, Concentrated Charges, and Equilibrium in the Commodity Space of Continuous Functions," STICERD - Theoretical Economics Paper Series 300, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
  2. Anthony Horsley & Andrew J Wrobel, 1996. "The Wong-Viner Envelope Theorem or Nonsmooth Joint Costs, Rental Valuation and the Short-Run Approach to Long-Run Equilibrium," STICERD - Theoretical Economics Paper Series 299, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
  3. Anthony Horsley & Andrew J Wrobel, 1996. "Efficiency Rents of Storage Plants in Peak-Load Pricing, I: Pumped Storage," STICERD - Theoretical Economics Paper Series 301, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
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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," STICERD - Theoretical Economics Paper Series 405, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
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  2. 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. [Downloadable!]
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