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Average Cost and Marginal Cost Pricing in Marshall: Textual Analysis and Interpretation

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  • zamparelli, luca

Abstract

This paper proposes a textual analysis of Marshall’s theory of firm pricing behavior under competitive conditions. It considers to what extent average cost and marginal cost pricing rules characterize Marshall’s competitive partial equilibrium, and it shows that the two rules differ for origins and can be reconciled only with great difficulty in a general equilibrium framework.

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File URL: http://mpra.ub.uni-muenchen.de/6053/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 6053.

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Date of creation: Sep 2007
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Handle: RePEc:pra:mprapa:6053

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Keywords: Marshall; classical competition; perfect competition; marginal and average cost;

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  1. Harris, Donald J, 1988. "On the Classical Theory of Competition," Cambridge Journal of Economics, Oxford University Press, vol. 12(1), pages 139-67, March.
  2. George J. Stigler, 1957. "Perfect Competition, Historically Contemplated," Journal of Political Economy, University of Chicago Press, vol. 65, pages 1.
  3. Ekelund, Robert B, Jr & Hebert, Robert F, 1999. "The Dupuit-Marshall Theory of Competitive Equilibrium," Economica, London School of Economics and Political Science, vol. 66(262), pages 225-40, May.
  4. Garegnani, P, 1970. "Heterogeneous Capital, the Production Function and the Theory of Distribution," Review of Economic Studies, Wiley Blackwell, vol. 37(3), pages 407-36, July.
  5. Garegnani, P, 1970. "Heterogeneous Capital, the Production Function and the Theory of Distribution: Reply," Review of Economic Studies, Wiley Blackwell, vol. 37(3), pages 439, July.
  6. Paul J. McNulty, 1967. "A Note on the History of Perfect Competition," Journal of Political Economy, University of Chicago Press, vol. 75, pages 395.
  7. Hart, Neil, 1996. "Marshall's Theory of Value: The Role of External Economies," Cambridge Journal of Economics, Oxford University Press, vol. 20(3), pages 353-69, May.
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Cited by:
  1. Oggioni, Giorgia & Smeers, Yves, 2012. "Evaluating the application of different pricing regimes and low carbon investments in the European electricity market," Energy Economics, Elsevier, vol. 34(5), pages 1356-1369.

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