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Channel dependant scheduling schemes for high speed downlink packet access (HSDPA) system such as Max CIR and proportional fairness (PF) have been proven to provide a significant throughput gain by exploiting the channel fluctuations of the users. However, their inability to ensure a fair distribution of the radio resources among the mobile users has been a major concern. In this paper, we propose a novel Medium Access Control Packet Scheduler (MAC-PS) scheme for HSDPA that is motivated by realistic economic models to satisfy the mobile users as well as the service providers through the use of utility and opportunity cost functions. Simulation results reveal the superiority of the MAC-PS in terms of fairness, user satisfaction and flexibility.