ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1979.tb00249.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1979.tb00250.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

ABSTRACTIt is shown that well‐known propositions of Sraffa concerning the relation between the wage and the rate of profits are not valid without the assumption of constant returns or some other restrictive assumption. The paper recognises a distinction between classical and marginalist methods of analysis but disputes the view that the pursuit of the classical method in value theory obviates the need to assume constant returns. It is argued, on the contrary, that the assumption of constant returns is necessary to the fruitful application of the classical metho

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1979.tb00251.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1979.tb00252.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1979.tb00253.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

SUMMARYThe principal question addressed in this paper concerns the optimal price profile for a regulated public utility where demand is stochastic. Through the introduction of rationing costs and a rate‐of‐return constraint, marginal revenue will be approximately equated to the cost associated with satisfying the last unit of consumers’demand. This has significant implications for capacity expansion. Namely, capacity is added to keep the risk of failure minimal. As a result, to the extent that the associated costs are higher for the last unit of capacity, a higher marginal revenue and hence price will result. That is, if the marginal unit of capacity has a high operating and delivery cost and low capital cost with high reliability and consequent high total cost (e.g., an internal combustion peaking unit), the indicated result follows.Consequently, there is a direct trade off between the level of risk of failure and marginal revenue. This provides a rationalization for the existence of the price differential between firm and interruptible customers. Finally, if the firm is contrained to earn a fair return on its capital investment, it will set prices to favor the consumers generating the expansion in cap

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1979.tb00254.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1979.tb00255.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY