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

Kepa Ormazabal

No 6487, IKERLANAK from Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I

Abstract: 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.

Keywords: profit maximization; utility maximization; business behavior (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (1)

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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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