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Mas-Colell, Whinston and Green Versus Scitovsky on Profit and Utility Maximization

  • Ormazabal Sánchez, Kepa Mirena

I contrast the theoretical foundation of profit maximization of Mas-Colell, Whinston and Green€ٳ €܍icroeconomics€ݠagainst 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 Scitovsky€ٳ line of reasoning opens a better way to model business behavior.

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Paper provided by Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I in its series IKERLANAK with number 2005-20.

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Date of creation: 2005
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Handle: RePEc:ehu:ikerla:200520
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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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