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Author: Andrew J Wrobel

21 results found.

Theoretical Economics Paper

Characterizations of long-run producer optima and the short-run approach to long-run market equilibrium: a general theory with applications to peak-load pricing

Anthony Horsley and Andrew J Wrobel

This is a new formal framework for the theory of competitive equilibrium and its applications. Our “short-run approach” means the calculation of long-run producer optima and general equilibria from the short-run solution...Read more...

May 2005

Theoretical Economics Paper

The Wong-Viner Envelope Theorem for subdifferentiable functions

Anthony Horsley and Andrew J Wrobel

The Wong-Viner Envelope Theorem on the equality of long-run and short-run marginal costs (LRMC and SRMC) is reformulated for convex but generally nondifferentiable cost functions. The marginal cost can be formalized as t...Read more...

April 2005

Theoretical Economics Paper

A Practical Short-run Approach to Market Equilibrium

Anthony Horsley and Andrew J Wrobel

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 o...Read more...

April 2005

Theoretical Economics Paper

Continuity of the Equilibrium Price Density and its Uses in Peak-Load Pricing

Anthony Horsley and Andrew J Wrobel

With L8 as the commodity space, the equilibrium price density is shown to be a continuous function of the commodity characteristics. The result is based on symmetry ideas from the Hardy-Littlewood-Pólya theory of rearran...Read more...

May 2001

Theoretical Economics Paper

Efficiency Rents of Pumped-Storage Plants and their Uses for Operation and Investment Decisions

Anthony Horsley and Andrew J Wrobel

We apply duality methods of linear and convex programming to the problems of operation and rental valuation of facilities for conversion and storage of cyclically priced goods, e.g. , energy. Both problems are approached...Read more...

November 2000

Theoretical Economics Paper

The Short-Run Approach to LRMC Pricing for Multiple Outputs with Nondifferentiable Costs

Anthony Horsley and Andrew J Wrobel

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 pric...Read more...

June 2000

Theoretical Economics Paper

Efficiency Rents of Storage Plants in Peak-Load Pricing, II: Hydroelectricity

Anthony Horsley and Andrew J Wrobel

Duality methods of linear and convex programming are applied to impute definite marginal values to the fixed inputs of a hydroelectric plant from the operating profit. Our earlier analysis of pumped storage (of energy an...Read more...

October 1999

Theoretical Economics Paper

The Density Form of Equilibrium Prices in Continuous Time and Boiteux's Solution to the Shifting-Peak Problem - (Now published as 'Boiteux's solution to the shifting-peak problem and the equilibrium price density in continuous time', in Economic Theory, vol. 20 (2002), pp.503-537.)

Anthony Horsley and Andrew J Wrobel

Bewley's condition on production sets, imposed to ensure the existence of an equilibrium price density when L? is the commodity space, is weakened to allow applications to continuous-time problems, and especially to peak...Read more...

October 1999

Theoretical Economics Paper

Berge's Maximum Theorem With Two Topologies On The Action Set

Anthony Horsley, Timothy Van Zandt and Andrew J Wrobel

We give variants on Berge's Maximum Theorem in which the lower and the upper semicontinuities of the preference relation are assumed for two different topologies on the action set, i.e., the set of actions availabe a pri...Read more...

March 1998

Theoretical Economics Paper

Comparative Statics for a Partial Equilibrium Model of Investment with Wicksell-Complementary Capital Inputs

Anthony Horsley and Andrew J Wrobel

A partial competitive equilibrium model is set up for the determination of profit-maximising investment in a production technique which has constant returns to scale itself, but at least one of its inputs has an increasi...Read more...

1996

Theoretical Economics Paper

Efficiency Rents of Storage Plants in Peak-Load Pricing, I: Pumped Storage

Anthony Horsley and Andrew J Wrobel

Programming methods are given for rental valuation of storage and conversion facilities in cyclical, continuous-time pricing problems, e.g. pumped storage of electricity. By identifying the points of differentiability of...Read more...

1996

Theoretical Economics Paper

Uninterruptible Consumption, Concentrated Charges, and Equilibrium in the Commodity Space of Continuous Functions

Anthony Horsley and Andrew J Wrobel

Many consumption/production processes cannot be interrupted without significant loss of utility/ouput. In continuous-time equilibrium analysis, the structure of the demand for flows that results can lead to prices contai...Read more...

1996

Theoretical Economics Paper

The Wong-Viner Envelope Theorem or Nonsmooth Joint Costs, Rental Valuation and the Short-Run Approach to Long-Run Equilibrium

Anthony Horsley and Andrew J Wrobel

The standard Wong-Viner envelope theorem is of little use in the context of production with multiple outputs because the differentiability assumptions its builds on are so severely restrictive that even the simplest of a...Read more...

1996

Theoretical Economics Paper

Localization of Closedness and Continuity Properties, with Applications to Preferences and Production Sets - (Now published as 'Localisation of continuity to bounded sets for nonmetrisable vector topologies and its applications to economic equilibrium theory', in Indagationes Mathematicae (New Series), 11 (2000), pp.53-61.)

Anthony Horsley and Andrew J Wrobel

Localization techniques which facilitate verification of the topological properties of sets, functions and correspondences needed for equilibrium analysis in infinite-dimensional spaces are given. For example, it is show...Read more...

1992

Theoretical Economics Paper

Continuity of Demand and the Direct Approach to Equilibrium Existence in Dual Banach Commodity Spaces - (Now published as 'Berge's Maximum Theorem with two topologies on the action set', in Economics Letters, 61 (1998), pp.285-291.)

Anthony Horsley and Andrew J Wrobel

An extension of Berge's Maximum Theorem is given, with two different topologies on the choice set used for the two semicontinuity assumptions on preferences. It is used to establish the norm-to-weak* continuity of (trunc...Read more...

1992

Theoretical Economics Paper

Price Singularities: Representation vs. Exclusion - (Now published as 'Boiteux's solution to the shifting-peak problem and the equilibrium price density in continuous time', in Economic Theory, vol. 20 (2002), pp.503-537.)

Anthony Horsley and Andrew J Wrobel

Bewley's programme of excluding price singularities in equilibrium solutions for commodity spaces of bounded functions is reconsidered. From two recent examples in which singularities are indispensable, viz., marginal co...Read more...

1991

Theoretical Economics Paper

Marginal Analysis and Bewley Equilibria: The Use of Subgradients

Anthony Horsley and Andrew J Wrobel

Using subdifferentials we develop a marginal-analytical approach to equilibrium and use it in the commodity space L? to derive new results on the representation of prices by a density. Apart from conferring advantages wh...Read more...

1991