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[The decisionmaking role of the firm has progressed from the neoclassical standpoint of profit maximization to sales maximization, utility maximization, and satisficing. From the Operation Research point of view] ...the ideal picture is that someone, presumable the firm that hires the operations researcher, hands him, on a silver platter, an objective function. By talking to the engineers, or by looking into a few scientific laws, he determines the policy alternatives available and also the model
Kenneth Arrow (1984) cited in: Demetri Kantarelis (2008) "Book Review: Title: Theories Of The Firm 2nd Edition". In: The American economist. Vol 52, Nr 1. p. 117 | ||
