Short-Run Profit Approach to Long-Run Market Equilibrium

Anthony Horsley and Andrew Wrobel

Chapter Chapter 4 in The Short-Run Approach to Long-Run Equilibrium in Competitive Markets, 2016, pp 73-89 from Springer

Abstract: Abstract Building on Chap. 3 , this sets up a framework for the short-run approach to long-run general-equilibrium pricing of a range of commodities with joint costs of production. Boiteux’s idea is thus developed into a frame for analysis of investment and pricing by an industry that supplies a range of commodities—such as a good differentiated over time, locations or events. In particular, it is shown that what is called the SRP Programme-Based System gives a full characterization of long-run market equilibrium. The question of methods for computing short-run market equilibria is only touched upon (the use of Walrasian tatonnement is suggested).

Keywords: Price System; Capital Input; Supply Industry; Split Form; Pure Profit (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:spr:lnechp:978-3-319-33398-4_4

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DOI: 10.1007/978-3-319-33398-4_4

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