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Short-Run Approach to Long-Run Equilibrium in Competitive Markets
A General Theory with Application to Peak-Load Pricing with Storage
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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.
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