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Marshall and Turvey on Peak Load or Joint Product Pricing

Excerpt from Marshall and Turvey on Peak Load or Joint Product Pricing This paper is concerned with an extension of the theory of peak load or joint product pricing. It is prompted by a recent paper by Turvey and by Mar shall's early analysis of joint product pricing (marshall 1920; Turvey Both of these authors hint at solutions to a joint product or peak load problem that have not been discussed in the major contributions on peak load pricing (steiner 1957, Williamson Both Williamson and Steiner recognize the existence of a class of peak load situations which Steiner calls the firm peak case. These occur where it is not possible in the off peak period to fully util ize capacity even when a price equal to marginal running cost is charged.1 This corresponds to Marshall's valueless straw case. When the straw is worthless, farmers concentrate on the production of a cr0p which has a larger proportion of ears to straw. Corresponding to this process is a firm peak situation where a public utility would install different kinds of facilities in order to vary its production methods so as to reduce the costs of servicing the peak loads. Empiri cal evidence of this can be noted in the electricity supply industry's production techniques, which consist of employing plants which have different cost character istics according to their role in meeting demand. This was noted by Turvey whose paper throws some light on the problems of an electricity supply industry in meet ing demand. Although Turvey does not explicitly state what are optimal peak load prices when an industry uses more than one kind of plant to meet its peak loads, he hints that prices equal to marginal running cost are somehow relevant. Turvey criticises the assumption of constant marginal running costs and constant incre mental capacity costs as too simple a notion to be meaningful. He then notes that for an electricity system consisting of plants differing in age, location. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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