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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’s “Microeconomics” against 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’s line of reasoning opens a better way to model business behavior.

Suggested Citation

  • Ormazabal Sánchez, Kepa Mirena, 2005. "Mas-Colell, Whinston and Green Versus Scitovsky on Profit and Utility Maximization," IKERLANAK 2005-20, Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I.
  • Handle: RePEc:ehu:ikerla:6487

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    References listed on IDEAS

    1. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
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    More about this item


    profit maximization; utility maximization; business behavior;

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory


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