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Welfare maximization, pricing, and allocation with a product performance or environmental quality standard: Illustration for the gasoline and additives ... Journal of Production Economics] | ![Welfare maximization, pricing, and allocation with a product performance or environmental quality standard: Illustration for the gasoline and additives ... Journal of Production Economics]](http://ecx.images-amazon.com/images/I/51H0DAK3DML._SL160_.jpg)
 enlarge | Authors: P.w. Gallagher, H. Shapouri, J. Price
Publisher: Elsevier
Category: Book
Buy New: $10.95
Format: Html
Media: Digital
Pages: 15
ASIN: B000RR9S86
Publication Date: June 1, 2006
Availability: Available for download now
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Product Description
This digital document is a journal article from International Journal of Production Economics, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
Programming models approximate market prices and quantities when regulations constrain firm choices, because market outcomes result when welfare is appropriately defined and includes performance and environmental constraints. This study discusses market operation in quality-constrained sectors, like gasoline and additives; processors expand output until marginal processing cost equals the processing margin between product revenues and raw material costs; retailers who buy gasoline and additives from processors and sell blended retail gasoline price sales at a marginal cost that includes the blended input value plus adjustments for values of constrained attributes; and market supplies and demands of measurable attributes like octane are balanced. This method can enhance predictions about the effects of new policies that regulate product quality. Analysis can now include price and output adjustment in factor and product markets, and the competitiveness of new processes and products.
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