The Short-Run Approach to Long-Run Equilibrium in Competitive Markets A General Theory with Application to Peak-Load Pricing with Storage /

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 e...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Horsley, Anthony (Autor), Wrobel, Andrew J. (Autor)
Autor Corporativo: SpringerLink (Online service)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Cham : Springer International Publishing : Imprint: Springer, 2016.
Edición:1st ed. 2016.
Colección:Lecture Notes in Economics and Mathematical Systems, 684
Temas:
Econometrics.
Energy policy.
Energy and state.
Microeconomics.
Mathematical optimization.
Energy storage.
Quantitative Economics.
Energy Policy, Economics and Management.
Continuous Optimization.
Mechanical and Thermal Energy Storage.
Acceso en línea:Texto Completo
Descripción
Sumario: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.
Descripción Física:X, 195 p. 7 illus. online resource.
ISBN:9783319333984
ISSN:2196-9957 ;

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