Mas-Colell, Whinston and Green Versus Scitovsky on Profit and Utility Maximization
I contrast the theoretical foundation of profit maximization of Mas-Colell, Whinston and Greenٳ ܍icroeconomicsݠagainst that provided by Scitovsky in a paper of 1943. Whereas Mas-Colell, Whinston and Green try to show that profit maximization can be derived from utility maximization, Scitovsky categorically states the contrary view. I argue, first, that the foundation provided by Mas-Colell, Whinston and Green is not sound and, secondly, that Scitovskyٳ line of reasoning opens a better way to model business behavior.
|Date of creation:||2005|
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|Order Information:|| Postal: Dpto. de Fundamentos del Análisis Económico I, Facultad de CC. Económicas y Empresariales, Universidad del País Vasco, Avda. Lehendakari Aguirre 83, 48015 Bilbao, Spain|
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