Description: The Short-Run Approach to Long-Run Equilibrium in Competitive Markets Please note: this item is printed on demand and will take extra time before it can be dispatched to you (up to 20 working days). A General Theory with Application to Peak-Load Pricing with Storage Author(s): Anthony Horsley, Andrew J. Wrobel Format: Paperback Publisher: Springer International Publishing AG, Switzerland Imprint: Springer International Publishing AG ISBN-13: 9783319333977, 978-3319333977 Synopsis The authors present a new formal framework for finding the long-run competitive market equilibrium through short-run equilibria by exploiting the operating policies and plant valuations. This "short-run approach" develops ideas of Boiteux and Koopmans. Applied to the peak-load pricing of electricity generated by thermal, hydro and pumped-storage plants, it gives a sound and practical method of valuing the fixed assets-in this case, the river flows and the geological sites suitable for reservoirs. Its main mathematical basis is the producer's short-run profit maximization programme and its dual; their solutions have relatively simple forms that can greatly ease the fixed-point problem of solving for the general equilibrium. Since the optimal values (profit and cost functions) are usually nondifferentiable-this is so when there are joint costs of production such as capacity constraints-nonsmooth calculus is employed to resolve long-standing discrepancies between textbook theory and industrial reality by giving subdifferential extensions of basic results of microeconomics, including the Wong-Viner Envelope Theorem.
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Book Title: The Short-Run Approach to Long-Run Equilibrium in Competitive ...
Number of Pages: 195 Pages
Publication Name: The Short-Run Approach to Long-Run Equilibrium in Competitive Markets: A General Theory with Application to Peak-Load Pricing with Storage
Language: English
Publisher: Springer International Publishing A&G
Item Height: 235 mm
Subject: Economics, Engineering & Technology, Mathematics, Physics, Business
Publication Year: 2016
Type: Textbook
Item Weight: 3226 g
Author: Andrew J. Wrobel, Anthony Horsley
Item Width: 155 mm
Series: Lecture Notes in Economics and Mathematical Systems
Format: Paperback
