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Profit Maximization and Imperfect Competition

In: Economics in a Changing World

Author

Listed:
  • Birgit Grodal

    (University of Copenhagen)

Abstract

In most economic literature, firms are assumed to maximize profits. If there is perfect competition and a complete market structure in the economy, this objective of firms has a sound economic interpretation. Profit maximization is well defined, it serves the needs of the shareholders, and shareholders unanimously instruct the managers of firms to maximize profits.

Suggested Citation

  • Birgit Grodal, 1996. "Profit Maximization and Imperfect Competition," International Economic Association Series, in: Beth Allen (ed.), Economics in a Changing World, chapter 1, pages 3-22, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-25168-1_1
    DOI: 10.1007/978-1-349-25168-1_1
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    Citations

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    Cited by:

    1. Thomas Renstrom & Erkan Yalcin, 2002. "Endogenous Firm Objectives," Industrial Organization 0204001, University Library of Munich, Germany.
    2. Erkan Yalçin & Thomas I. Renström, 2003. "Endogenous Firm Objectives," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 5(1), pages 67-94, January.
    3. Laurens CHERCHYE & Timo KUOSMANEN & Thierry POST, 2001. "Non-Parametric Production Analysis under Alternative Price Conditions," Working Papers of Department of Economics, Leuven ces0105, KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven.
    4. WILLENBOCKEL Dirk, 2010. "The Numeraire Problem in General Equilibrium Models with Market Power: Much Ado About Nothing?," EcoMod2003 330700152, EcoMod.
    5. Kaas, Leo, 1998. "Multiplicity of Cournot Equilibria and Involuntary Unemployment," Journal of Economic Theory, Elsevier, vol. 80(2), pages 332-349, June.
    6. Dirk Willenbockel, 2005. "The Price Normalisation Problem in General Equilibriun Models with Oligopoly Power: An Attempt at Perspective," GE, Growth, Math methods 0505002, University Library of Munich, Germany.
    7. Stefano Demichelis & Klaus Ritzberger, 2011. "A general equilibrium analysis of corporate control and the stock market," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 46(2), pages 221-254, February.
    8. Stefano Demichelis & Klaus Ritzberger, 2007. "Corporate Control and the Stock Market," Carlo Alberto Notebooks 60, Collegio Carlo Alberto.
    9. Renström, Thomas I & Yalcin, Erdal, 2002. "Endogenous Firm Objectives," CEPR Discussion Papers 3361, C.E.P.R. Discussion Papers.
    10. Cherchye, Laurens & Kuosmanen, Timo & Post, Thierry, 2002. "Non-parametric production analysis in non-competitive environments," International Journal of Production Economics, Elsevier, vol. 80(3), pages 279-294, December.
    11. Thomas Renstrom & Erkan Yalcin, "undated". "Endogeneous Firm Objectives," Wallis Working Papers WP27, University of Rochester - Wallis Institute of Political Economy.
    12. Ritzberger, Klaus, 2005. "Shareholder voting," Economics Letters, Elsevier, vol. 86(1), pages 69-72, January.
    13. Leo Kaas, 2001. "Cournot-Walras equilibrium without profit feedback," Economics Bulletin, AccessEcon, vol. 4(9), pages 1-8.

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