A practical short-run approach to market equilibrium

Anthony Horsley and Andrew Wrobel

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: The “short-run approach” calculates long-run producer optima and general equilibria by building on short-run solutions to the producer’s profit maximization problem and on profit-based valuation of the fixed inputs. We outline this method and illustrate it on an example of peak-load pricing.

Keywords: general equilibrium; fixed-input valuation; nondifferentiable joint costs; Wong-Viner Envelope Theorem; peak-load pricing. (search for similar items in EconPapers)
JEL-codes: D24 D41 D58 (search for similar items in EconPapers)
Pages: 9 pages
Date: 2005-04
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http://eprints.lse.ac.uk/19313/ Open access version. (application/pdf)

Related works:
Working Paper: A Practical Short-run Approach to Market Equilibrium (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:19313

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