The Short-Run Approach to LRMC Pricing for Multiple Outputs with Nondifferentiable Costs
AbstractUsing 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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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 393.
Date of creation: Jun 2000
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Web page: http://sticerd.lse.ac.uk/_new/publications/default.asp
Wong-Viner theorem; multiple outputs; peak-load pricing; energy storage;
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