The short-run approach to long-run equilibrium in competitive markets : a general theory with application to peak-load pricing with storage

• 作者： Horsley, Anthony, author.
• 其他作者：
  • Wrobel, Andrew J., author.
  • SpringerLink (Online service)
• 其他題名：
  • Lecture notes in economics and mathematical systems ;
• 出版： Cham : Springer International Publishing :Imprint: Springer
• 叢書名： Lecture notes in economics and mathematical systems,684
• 主題： Equilibrium (Economics) , Pricing. , Economics. , Economic Theory/Quantitative Economics/Mathematical Methods. , Energy Policy, Economics and Management. , Microeconomics. , Continuous Optimization. , Energy Storage. , Energy Economics.
• ISBN： 9783319333984 (electronic bk.) 、 9783319333977 (paper)
• FIND@SFXID: CGU
• 資料類型: 電子書
• 內容註: Introduction -- Peak-load pricing with cross-price independent demands: a simple illustration -- Characterizations of long-run producer optimum -- Short-run profit approach to long-run market equilibrium -- Short-run approach to electricity pricing in continuous time -- Existence of optimal quantities and shadow prices with no duality gap -- Production techniques with conditionally fixed coefficients -- Conclusions.
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• 摘要註: 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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