LRCELouisiana Resource Center for Educators (Baton Rouge, LA)
LRCELong-Range Control Element (genetics)
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With respect to a producer liability rule, the LRCE can be completely characterized by
It follows directly that the LRSO and LRCE coincide under a system of producer liability rules; thus, a producer liability rule leads to first-best resource allocations for both short-run and long-run competitive equilibria.(6)
Proof Perturbing the conditions for an LRCE in Equations 14-16 and making use of the envelope theorem yields