The Short-Run Approach to Long-Run Equilibrium in Competitive Markets. A General Theory with Application to Peak-Load Pricing with Storage.
Horsley, Anthony; Wrobel, Andrew J.
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Description for The Short-Run Approach to Long-Run Equilibrium in Competitive Markets. A General Theory with Application to Peak-Load Pricing with Storage.
Paperback. Series: Lecture Notes in Economics and Mathematical Systems. Num Pages: 205 pages, 7 black & white illustrations, biography. BIC Classification: KCC; PBU; THRB; THRH. Category: (G) General (US: Trade). Dimension: 235 x 155 x 11. Weight in Grams: 326.
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 ... Read more
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 ... Read more
Product Details
Format
Paperback
Publication date
2016
Publisher
Springer International Publishing AG Switzerland
Number of pages
205
Condition
New
Series
Lecture Notes in Economics and Mathematical Systems
Number of Pages
195
Place of Publication
Cham, Switzerland
ISBN
9783319333977
SKU
V9783319333977
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-15
About Horsley, Anthony; Wrobel, Andrew J.
Anthony Horsley (1939--2006) was a British mathematical economist and a nuclear physicist who in the 1960s worked for the U.K. Atomic Energy Authority (becoming then its youngest ever Senior Scientific Officer) and for the Council for Scientific Policy. Later, devoting himself to academic research and teaching, he worked on the theory and applications of competitive equilibrium at the University of ... Read more
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