The Short-Run Approach to Long-Run Equilibrium in Competitive Markets PDF Download
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Author: Anthony Horsley
Publisher: Springer
ISBN: 3319333984
Category : Business & Economics
Languages : en
Pages : 199
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Book 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 and industrial reality by giving subdifferential extensions of basic results of microeconomics, including the Wong-Viner Envelope Theorem.
Author: Anthony Horsley
Publisher: Springer
ISBN: 3319333984
Category : Business & Economics
Languages : en
Pages : 199
Get Book Here
Book 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 and industrial reality by giving subdifferential extensions of basic results of microeconomics, including the Wong-Viner Envelope Theorem.
Author: Steven A. Greenlaw
Publisher:
ISBN: 9781947172432
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
Principles of Macroeconomics for AP® Courses 2e covers the scope and sequence requirements for an Advanced Placement® macroeconomics course and is listed on the College Board's AP® example textbook list. The second edition includes many current examples and recent data from FRED (Federal Reserve Economic Data), which are presented in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition was developed with significant feedback from current users. In nearly all chapters, it follows the same basic structure of the first edition. General descriptions of the edits are provided in the preface, and a chapter-by-chapter transition guide is available for instructors.
Author: Ahuja H.L.
Publisher: S. Chand Publishing
ISBN: 9352531469
Category :
Languages : en
Pages : 1775
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Book Description
In its 20th edition, this trusted definitive text is a comprehensive treatise on modern economics. It discusses in detail microeconomics, macroeconomics, monetary theory and policy, international economics, public finance and fiscal policy and above all economics of growth and development. The book has been exhaustively revised to provide students an in-depth understanding of the fundamental concepts and is streamlined to focus on current topics and developments in the field.
Author: Francisco Eduardo Beneke Avila
Publisher: Springer Nature
ISBN: 3662623471
Category : Law
Languages : en
Pages : 239
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Book Description
This book explores the relationship between market entry analysis in competition law and the study of the determinants of aggregate investment. Macroeconomic and social characteristics, such as widespread corruption, political instability, and low levels of education are associated with lower investment rates. Progress on these indicators on the other hand is also strongly associated with sustained growth and higher investment rates. This book analyzes the interaction between these macro variables and the market-specific analysis typical in antitrust cases. Against this background, representative decisions of four Latin American competition authorities – México, El Salvador, Colombia, and Chile – on unilateral conduct are analyzed, focusing on market power assessment. The analysis shows that there is little to no explicit or implicit consideration of the impact of the macroeconomic environment on market dynamism and therefore on market power. This book also explores the influence that EU and US competition law have in the standards to prove ease of market entry developed by the Latin American authorities. Although most of the Latin American authorities share a lack of reliance on market forces, which is characteristic of EU competition law, this book argues that market entry analysis still needs to be adjusted to fit the socio-economic context that affects investment within the country and the degree to which each particular market is affected. Finally, the book proposes a framework on how the macro characteristics covered can be incorporated into competition law enforcement.
Author: Ahuja H.L.
Publisher: S. Chand Publishing
ISBN: 9352837312
Category : Business & Economics
Languages : en
Pages :
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Book Description
The book makes a comprehensive and analytical study of theories of demand, production/cost and determination of price and output of products in different market structures. It also discusses theory of factor pricing and income distribution as wages, rent, interest and profits. Above all, it critically analyses the conditions of economic efficiency and maximum social welfare and causes of market failures. It takes a further lead with this revision by aligning its contents with the prescribed UGC model curriculum and new Choice Based Credit System (CBCS) syllabus.
Author: Ahuja H.L.
Publisher: S. Chand Publishing
ISBN: 9352533305
Category : Business & Economics
Languages : en
Pages : 872
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Book Description
This most popular and proven text takes a further lead with this revision by aligning its contents with the prescribed UGC model curriculum and new Choice Based Credit System (CBCS) syllabus. The book provides carefully tailored content for undergraduate courses in economics across a range of academic disciplines.
Author: Ahuja H.L.
Publisher: S. Chand Publishing
ISBN: 9355012217
Category : Business & Economics
Languages : en
Pages : 750
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Book Description
This textbook has been conceptualized to meet the need of B.A. First Semester students of Economics as per Common Minimum Syllabus prescribed for all Uttar Pradesh State Universities and Colleges under the recommended National Education Policy 2020. Maintaining the traditional approach to the subject, this textbook comprehensively covers first semester paper Principles of Microeconomics. This textbook acquaints the students with the important concepts of microeconomics such as demand, supply & market equilibrium, theory of consumer's behaviour, theory of production & cost, theory of firm & pricing in perfect competition, price & output under monopoly & imperfect competition, theory of distribution and lastly welfare economics & economic efficiency
Author: Michael A. Einhorn
Publisher: Springer Science & Business Media
ISBN: 9400918046
Category : Business & Economics
Languages : en
Pages : 289
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Book Description
The electric utility industry and its stakeholders in the. United States appear to be at a critical juncture in time. Powerful forces of global proportions are propelling the industry instinctively and in a secular fashion towards restructuring. That the industry will change is a fait accomplii. The nature and timing of the change is still a matter of intense debate, however. Because of the evolution of the industry into its present-day form, i.e. regulated local monopolies in their designated franchise service territories, the relative roles and expectations of various institutions would have to change to conform to the new state in the future. In either encouraging, or allowing this change to happen, society is essentially saying that future societal welfare would be better served by the changed structure contemplated. What that assumption translates into in more direct terms is that creation of future wealth would be better accomplished through redistribution of wealth today. Thoughtful individuals recognize the enormous responsibility placed upon the various entities empowered with jurisdiction over the timing and nature of the structural change. They are trying hard to bring analytical rigor to bear on the debate. One very critical element of this debate on restructuring is the issue of the treatment of transmission. The issue has been variously labeled transmission access, or pricing. Volumes have been written and spoken on this topic.
Author: A.F. Kalverboer
Publisher: Springer Science & Business Media
ISBN: 9401007101
Category : Medical
Languages : en
Pages : 289
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Book Description
The electric utility industry and its stakeholders in the.United States appear to be at a critical juncture in time. Powerful forces of global proportions are propelling the industry instinctively and in a secular fashion towards restructuring. That the industry will change is a fait accomplii. The nature and timing of the change is still a matter of intense debate, however. Because of the evolution of the industry into its present-day form, i.e. regulated local monopolies in their designated franchise service territories, the relative roles and expectations of various institutions would have to change to conform to the new state in the future. In either encouraging, or allowing this change to happen, society is essentially saying that future societal welfare would be better served by the changed structure contemplated. What that assumption translates into in more direct terms is that creation of future wealth would be better accomplished through redistribution of wealth today. Thoughtful individuals recognize the enormous responsibility placed upon the various entities empowered with jurisdiction over the timing and nature of the structural change. They are trying hard to bring analytical rigor to bear on the debate. One very critical element of this debate on restructuring is the issue of the treatment of transmission. The issue has been variously labeled transmission access, or pricing. Volumes have been written and spoken on this topic.
Author: Dewett K.K. & Navalur M.H.
Publisher: S. Chand Publishing
ISBN: 9788121924634
Category : Banks and banking
Languages : en
Pages : 992
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Book Description
Modern Economic Theory is a critique on how monetary revolution across the globe is changing the course of world economies, financial systems and markets. Beginning with discussion on price theory and microeconomics, this classic textbook progresses to describe comprehensively, theory of income and employability or macroeconomics, money and banking, international economies and public finance. Economic systems, economics of development and planning and economies of welfare provide a clear idea about recent developments in and criticism of compensation principle, market structures and social welfare. It adequately meets the requirements of the BA and B.Com courses (Pass and Honours). In addition, postgraduate students of Arts and Commerce and aspirants of various competitive examinations will also find the book very useful and informative.
