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Paper No' TE/2005/488: | Full paper
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Keywords: general equilibrium; fixed-input valuation, nondifferentiable joint costs, Wong-Viner Envelope Theorem, peak-load pricing
JEL Classification: D24; D41; D58
Is hard copy/paper copy available? YES - Paper Copy Still In Print.
This Paper is published under the following series: Theoretical Economics
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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.
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