Orthogonal frequency division multiplexing (OFDM) is proved to be the best candidate to support the colossal increase in mobile users and their required high rate of transmission in frequency selective fading environments, where the inter-symbol interference is at highest. In an OFDM system, when the sinusoidal signals of the subcarriers are added constructively, the peak to average power ratio (PAPR) becomes very large causing major drawbacks for multicarrier signaling. Earlier efforts to address this problem have been mainly concentrated on the reduction of signal PAPR and various methods of achieving linear and efficient power amplification. However, all the deployed techniques suffer from different ambiguities such as high distortion, complexity, computational time, memory requirements, and above all, the data rate loss. This manuscript is mainly aimed at solving a convex optimization problem in which power and radio resources in an OFDM system are allocated among different subcarriers and users in order to, maximize the weighted sum rate for different users considering total power and PAPR limitations.