An Alternative Interpretation of the Houshold's Optimization Problem
AbstractThis note is an invitation to academic economists to broaden the way in which we presant and interpret the household's optimization problem to out students in Microeconomics course. It suggests that while maximizing utility subject to a budget constraint is mathematically equivalent to minimizing expenditures for a given target level of utility, the psychological implications of these alternatives presentations of the optimization problem may be quite different.
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Bibliographic InfoPaper provided by Ryerson Polytechnical Institute - Department of Economics in its series Papers with number 12.
Length: 7 pages
Date of creation: 1998
Date of revision:
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Postal: RYERSON POLYTECHNICAL INSTITUTE, DEPARTMENT OF ECONOMICS, 350 VICTORIA ST. TORONTO ONTARIO M5B 2K3 CANADA.
Phone: (416) 979-5092
Fax: (415) 979-5273
Web page: http://economics.ryerson.ca/
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CONSUMPTION ; HOUSEHOLD ; OPTIMIZATION;
Find related papers by JEL classification:
- A29 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Other
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
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