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Short-Run Profit Approach to Long-Run Market Equilibrium

In: The Short-Run Approach to Long-Run Equilibrium in Competitive Markets

Author

Listed:
  • Anthony Horsley
  • Andrew J. Wrobel

Abstract

Building on Chap. 3 , this sets up a framework for the short-run approach to long-run general-equilibrium pricing of a range of commodities with joint costs of production. Boiteux’s idea is thus developed into a frame for analysis of investment and pricing by an industry that supplies a range of commodities—such as a good differentiated over time, locations or events. In particular, it is shown that what is called the SRP Programme-Based System gives a full characterization of long-run market equilibrium. The question of methods for computing short-run market equilibria is only touched upon (the use of Walrasian tatonnement is suggested).

Suggested Citation

  • Anthony Horsley & Andrew J. Wrobel, 2016. "Short-Run Profit Approach to Long-Run Market Equilibrium," Lecture Notes in Economics and Mathematical Systems, in: The Short-Run Approach to Long-Run Equilibrium in Competitive Markets, chapter 0, pages 73-89, Springer.
    • Handle: RePEc:spr:lnechp:978-3-319-33398-4_4
    DOI: 10.1007/978-3-319-33398-4_4
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