Horsley, Anthony and Wrobel, Andrew J. (2005) A practical short-run approach to market equilibrium. TE, 488. Suntory and Toyota International Centres for Economics and Related Disciplines, London School of Economics and Political Science, London, UK.
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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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