An Alternative Interpretation of the Houshold's Optimization Problem
This 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.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
|Date of creation:||1998|
|Contact details of provider:|| 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/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:fth:ryerso:12. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Krichel)
If references are entirely missing, you can add them using this form.