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Paper No' TE/2000/393: | Full paper
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Keywords: Wong-Viner theorem; multiple outputs; peak-load pricing; energy storage
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This Paper is published under the following series: Theoretical Economics
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Abstract:Using convex calculus, we extend the Wong-Viner Theorem to nondifferentiable costs by equating the capital inputs' rental prices to their profit-imputed marginal values. Thus extended, the short-run approach to LRMC pricing is applied to peak-load pricing with storage.
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