Profit‐Rate Maximization in Interdependent Markets: A Research Note
论证在垄断竞争市场中，企业选择最大化资本利润率比最大化总利润更合理，并以汽油零售为例说明前者能带来更高总利润。
In the theory of the firm it is conventional to regard firms as (total)profit‐maximizing institutions. In this paper it is shown that the interdependence among firms that is characteristic of monopolistic competition makes it plausible for them also to choose to maximize the rate of profit on capital advanced. For a homogeneous product with inelastic total demand, such as gasoline retailing, firms acting as rational agents, facing fixed costs in a homogeneous spatial market, and choosing to set prices under rate of profit‐maximization can achieve higher total profits than firms operating under total profit‐maximizing objectives.