The Short-Run Approach to Long-Run Equilibrium in Competitive Markets - A General Theory with Application to Peak-Load Pricing with Storage (Paperback, 1st ed. 2016)

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.

General

Imprint:	Springer International Publishing AG
Country of origin:	Switzerland
Series:	Lecture Notes in Economics and Mathematical Systems, 684
Release date:	October 2016
First published:	2016
Authors:	Anthony Horsley • Andrew J. Wrobel
Dimensions:	235 x 155 x 11mm (L x W x T)
Format:	Paperback
Pages:	195
Edition:	1st ed. 2016
ISBN-13:	978-3-319-33397-7
Categories:	Books > Business & Economics > Economics > Microeconomics > General Books > Science & Mathematics > Mathematics > Optimization > General Books > Professional & Technical > Energy technology & engineering > Electrical engineering > Power generation & distribution Books > Professional & Technical > Energy technology & engineering > Electrical engineering > Energy conversion & storage Promotions
LSN:	3-319-33397-6
Barcode:	9783319333977

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