{"id":"https://openalex.org/W2320105857","doi":"https://doi.org/10.2307/1055444","title":"A General Theory of Maximum Profits","display_name":"A General Theory of Maximum Profits","publication_year":1962,"publication_date":"1962-01-01","ids":{"openalex":"https://openalex.org/W2320105857","doi":"https://doi.org/10.2307/1055444","mag":"2320105857"},"language":"en","primary_location":{"id":"doi:10.2307/1055444","doi":"https://doi.org/10.2307/1055444","is_oa":false,"landing_page_url":"https://doi.org/10.2307/1055444","pdf_url":null,"source":{"id":"https://openalex.org/S16296580","display_name":"Southern Economic Journal","issn_l":"0038-4038","issn":["0038-4038","2325-8012"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Southern Economic Journal","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5018434508","display_name":"Melvin L. Greenhut","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Melvin L. Greenhut","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5018434508"],"corresponding_institution_ids":[],"apc_list":{"value":3010,"currency":"USD","value_usd":3010},"apc_paid":null,"fwci":0.3738,"has_fulltext":false,"cited_by_count":3,"citation_normalized_percentile":{"value":0.63716814,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"28","issue":"3","first_page":"278","last_page":"278"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.6182000041007996,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.6182000041007996,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10785","display_name":"Economic Theory and Institutions","score":0.1688999980688095,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.10279999673366547,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/maximum-profit","display_name":"maximum profit","score":0.7689999938011169},{"id":"https://openalex.org/keywords/profit-maximization","display_name":"profit maximization","score":0.6840000152587891},{"id":"https://openalex.org/keywords/decision-making-under-uncertainty","display_name":"decision making under uncertainty","score":0.8460000157356262},{"id":"https://openalex.org/keywords/risk","display_name":"risk","score":0.5400000214576721},{"id":"https://openalex.org/keywords/decision-criteria","display_name":"decision criteria","score":0.6240000128746033},{"id":"https://openalex.org/keywords/a-priori-probability","display_name":"a priori probability","score":0.7059999704360962},{"id":"https://openalex.org/keywords/payoff-matrix","display_name":"payoff matrix","score":0.5519999861717224},{"id":"https://openalex.org/keywords/laplace-criterion","display_name":"Laplace criterion","score":0.6539999842643738},{"id":"https://openalex.org/keywords/general-economic-theory","display_name":"general economic theory","score":0.4860000014305115},{"id":"https://openalex.org/keywords/competition-economics","display_name":"competition economics","score":0.4449999928474426}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5724648833274841},{"id":"https://openalex.org/C144237770","wikidata":"https://www.wikidata.org/wiki/Q747534","display_name":"Mathematical economics","level":1,"score":0.4874289333820343},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.36099886894226074}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.2307/1055444","doi":"https://doi.org/10.2307/1055444","is_oa":false,"landing_page_url":"https://doi.org/10.2307/1055444","pdf_url":null,"source":{"id":"https://openalex.org/S16296580","display_name":"Southern Economic Journal","issn_l":"0038-4038","issn":["0038-4038","2325-8012"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Southern Economic Journal","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"score":0.7799999713897705,"display_name":"Peace, justice, and strong institutions","id":"https://metadata.un.org/sdg/16"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W4256654669","https://openalex.org/W7061738682","https://openalex.org/W1017628035","https://openalex.org/W2295688739","https://openalex.org/W1470936369","https://openalex.org/W415714620","https://openalex.org/W2886528974","https://openalex.org/W2155320394","https://openalex.org/W2413681024","https://openalex.org/W2624705877"],"abstract_inverted_index":{"Hurwicz,":[0],"Luce-Raiffa,":[1],"Savage,":[2],"Wald":[3],"and":[4,16,32,117,135,243,250],"others":[5],"have":[6,366],"distinguished":[7],"between":[8],"decision":[9,92,178,325],"making":[10,93,326],"under":[11,296,327,333],"conditions":[12,45],"of":[13,38,46,56,82,99,125,217,223,305,316,412,423,427,431,437],"certainty,":[14,47],"risk,":[15,328],"uncertainty.":[17],"But":[18,58],"other":[19],"than":[20],"for":[21,395],"discourses":[22],"such":[23,339],"as":[24,80,97,294,340],"Knight's,":[25],"which":[26,114,204,308,312,376,407],"was":[27],"concerned":[28],"with":[29],"comparing":[30],"reality":[31],"theory,":[33,397],"writings":[34],"in":[35,86,153,170,185,314,369,375,405],"the":[36,54,88,132,144,154,162,166,171,177,198,215,221,229,246,251,255,275,282,292,302,318,330,356,373,421],"field":[37],"pure":[370],"competition":[40],"economics":[41,406],"were":[42],"centered":[43],"on":[44,203,214,335],"though,":[48],"more":[49,349],"recently,":[50],"extended":[51],"to":[52,69,77,138,161,189,211,237,241,324,380,390,401,419,433],"include":[53,78],"state":[55],"risk.":[57,297],"what":[59],"about":[60],"uncertainty?":[61],"If":[62],"we":[63,270,309,398],"assume":[64],"that":[65,91,105,148,156,173,273,295,301,358],"it":[66,74,79,106],"is":[67,131,209,235,277,382,418],"basic":[68],"certain":[70],"economic":[71,84],"markets,":[72],"would":[73],"be":[75,238,352],"possible":[76],"part":[81,98],"general":[83,123,303,360,425],"theory":[85,94,124,304,362,426],"much":[87],"same":[89,293],"way":[90],"includes":[95],"uncertainty":[96,152,175,334],"its":[100],"framework?":[101],"We":[102,140,354],"shall":[103],"contend":[104],"is,":[107],"first":[108],"by":[109,120,281],"accepting":[110],"a":[111,122,193,359,377,393,424],"simple":[112],"transformation":[113],"combines":[115],"risk":[116,149],"uncertainty,":[118],"then":[119],"formulating":[121],"maximum":[126,306,428],"profits.":[127],"Our":[128,414],"initial":[129],"task":[130],"most":[133],"elementary":[134],"hence":[136],"easiest":[137],"fulfill.":[139],"need":[141],"observe":[142],"only":[143,364],"well":[145],"established":[146],"thought":[147],"differs":[150],"from":[151,197],"sense":[155],"mathematical":[157],"probabilities":[158,195,202,247],"are":[159,248],"assignable":[160],"former":[163],"but":[164,384],"not":[165,363],"latter.":[167],"It":[168,298],"follows":[169,299],"literature":[172],"when":[174],"prevails":[176],"maker":[179],"must":[180],"select":[181],"some":[182,218,336],"criterion":[183,222,231,276],"which,":[184],"effect,":[186],"enables":[187],"him":[188],"apply":[190],"his":[191],"own":[192],"priori":[194],"distinct":[196],"statistical":[199,319],"or":[200,225,285,320,329],"analytic":[201,321],"all":[205],"may":[206],"agree.":[207],"He":[208],"able":[210],"do":[212],"this":[213,409,435],"basis":[216],"criterion;":[219],"e.g.,":[220],"regret,":[224],"optimism,":[226],"or,":[227,343],"say,":[228,346],"Laplace":[230],"where":[232],"each":[233],"unknown":[234],"considered":[236],"equally":[239],"likely":[240],"happen":[242],"where,":[244],"accordingly,":[245],"equal":[249],"given":[252],"strategy":[253],"takes":[254],"form":[256,392,434],"1/n":[257],"(Payoff":[258],"1":[259],"+":[260,263],"Payoff":[261,265],"2":[262],"..-+":[264],"n).":[266],"For":[267],"our":[268,396],"purposes,":[269],"should":[271,351],"note":[272],"once":[274],"given--a":[278],"pre-condition":[279],"establishable":[280],"individual":[283],"household":[284],"business":[286],"unit-any":[287],"payoff":[288],"matrix":[289],"will":[290,310,365,399],"appear":[291],"further":[300],"profit":[307,361],"formulate-and":[311],"speaks":[313],"terms":[315],"probabilities-includes":[317],"probability":[322,331],"relevant":[323],"selected":[332],"personal":[337],"basis,":[338],"hunch,":[341],"fear,":[342],"let":[344],"us":[345],"reason.":[347],"One":[348],"preliminary":[350],"observed.":[353],"accept":[355],"premise":[357],"good":[367],"use":[368],"economics,":[371],"especially":[372],"kind":[374,411,436],"closer":[378],"approximation":[379],"realism":[381],"fruitful'":[383],"also":[385],"applied":[386],"economics.":[387],"In":[388],"fact,":[389],"help":[391],"framework":[394],"refer":[400],"an":[402],"empirical":[403],"study":[404],"requires":[408],"particular":[410],"realism.":[413],"approach":[415],"(and":[416],"objective)":[417],"suggest":[420],"importance":[422],"profit,":[429],"and,":[430],"course,":[432],"theory.":[438]},"counts_by_year":[],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}