The short-run approach to long-run equilibrium in competitive markets: a general theory with application to peak-load pricing with storage
In: Lecture notes in economics and mathematical systems 684
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Buch(elektronisch)#22016
The short-run approach to long-run equilibrium in competitive markets: a general theory with application to peak-load pricing with storage
In: Lecture notes in economic and mathematical systems, 684
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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Sammelwerksbeitrag(elektronisch)#32016
Production Techniques with Conditionally Fixed Coefficients
In: Lecture Notes in Economics and Mathematical Systems; The Short-Run Approach to Long-Run Equilibrium in Competitive Markets, S. 137-154
Sammelwerksbeitrag(elektronisch)#42016
Short-Run Approach to Electricity Pricing in Continuous Time
In: Lecture Notes in Economics and Mathematical Systems; The Short-Run Approach to Long-Run Equilibrium in Competitive Markets, S. 91-118
Sammelwerksbeitrag(elektronisch)#52016
Peak-Load Pricing with Cross-Price Independent Demands: A Simple Illustration
In: Lecture Notes in Economics and Mathematical Systems; The Short-Run Approach to Long-Run Equilibrium in Competitive Markets, S. 15-19
Sammelwerksbeitrag(elektronisch)#62016
Introduction
In: Lecture Notes in Economics and Mathematical Systems; The Short-Run Approach to Long-Run Equilibrium in Competitive Markets, S. 1-13
Sammelwerksbeitrag(elektronisch)#72016
Short-Run Profit Approach to Long-Run Market Equilibrium
In: Lecture Notes in Economics and Mathematical Systems; The Short-Run Approach to Long-Run Equilibrium in Competitive Markets, S. 73-89
Sammelwerksbeitrag(elektronisch)#82016
Conclusions
In: Lecture Notes in Economics and Mathematical Systems; The Short-Run Approach to Long-Run Equilibrium in Competitive Markets, S. 155-156
Sammelwerksbeitrag(elektronisch)#92016
Characterizations of Long-Run Producer Optimum
In: Lecture Notes in Economics and Mathematical Systems; The Short-Run Approach to Long-Run Equilibrium in Competitive Markets, S. 21-71
Sammelwerksbeitrag(elektronisch)#102016
Existence of Optimal Quantities and Shadow Prices with No Duality Gap
In: Lecture Notes in Economics and Mathematical Systems; The Short-Run Approach to Long-Run Equilibrium in Competitive Markets, S. 119-135
Aufsatz(elektronisch)#11März 2007
Profit-maximizing operation and valuation of hydroelectric plant: A new solution to the Koopmans problem
In: Journal of economic dynamics & control, Band 31, Heft 3, S. 938-970
ISSN: 0165-1889
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Aufsatz(elektronisch)#12November 2002
Efficiency rents of pumped-storage plants and their uses for operation and investment decisions
In: Journal of economic dynamics & control, Band 27, Heft 1, S. 109-142
ISSN: 0165-1889
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Buch(elektronisch)#142005
Characterizations of long-run producer optima and the short-run approach to long-run market equilibrium: a general theory with applications to peak-load pricing
In: Theoretical economics publications 490
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