Abstract
We have already referred on several occasions to the need for a firm to earn sufficient profits in order to satisfy its shareholders. In those cases we regarded satisfactory profits as an objective which ran alongside, but which was subsidiary to, other objectives. There are, however, a number of theories which regard the achievement of satisfactory profits as the firm’s primary objective, this objective replacing that of profit maximisation which is regarded as impossible of achievement in a world of uncertainty.
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Notes and References
Simon, American Economic Review (June 1959).
Gordon, American Economic Review (June 1948) pp. 270–1.
Gordon, American Economic Review (June 1948) p. 270.
Gordon, American Economic Review (June 1948) p. 271.
See also Boulding, American Economic Review (May 1952) p. 40, and W. W. Cooper, Quarterly Journal of Economics (Feb 1951).
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© 1976 P. J. Curwen
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Curwen, P.J. (1976). Theories of Satisficing Behaviour. In: The Theory of the Firm. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-15645-0_20
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DOI: https://doi.org/10.1007/978-1-349-15645-0_20
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