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A practical short-run approach to market equilibrium

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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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en

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application/pdf

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http://eprints.lse.ac.uk/19313/1/A_Practical_Short-run_Approach_to_Market_Equilibrium.pdf

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