競争的市場の長期的均衡に対する短期的アプローチ The Short-Run Approach to Long-Run Equilibrium in Competitive Markets : A General Theory with Application to Peak-Load Pricing with Storage (Lecture Notes in Economics and Mathematical Systems)

Horsley, Anthony/ Wrobel, Andrew J.

Springer International Publishing AG（2016/10発売）

• 製本 Paperback:紙装版/ペーパーバック版／ページ数 195 p.
• 商品コード 9783319333977

Full Description

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 andindustrial reality by giving subdifferential extensions of basic results of microeconomics, including the Wong-Viner Envelope Theorem.

Contents

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.