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Non-monotonic utility functions for microeconomic analysis of sufficiency economy

Author

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  • Suriya, Komsan

Abstract

This study invents four types of non-monotonic utility functions that suit the sufficiency economy. With these utility functions, an individual may not get higher utility when consume more goods. Therefore, an individual requires an optimal level of income rather than a maximized level of income to achieve the highest utility.

Suggested Citation

  • Suriya, Komsan, 2011. "Non-monotonic utility functions for microeconomic analysis of sufficiency economy," MPRA Paper 33783, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:33783
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    File URL: https://mpra.ub.uni-muenchen.de/33783/1/MPRA_paper_33783.pdf
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    Cited by:

    1. Tatcha Sudtasan & Komsan Suriya, 2013. "Sustainability of profit and corporate social responsibility: Mathematical modelingwith phase diagram," The Empirical Econometrics and Quantitative Economics Letters, Faculty of Economics, Chiang Mai University, vol. 2(4), pages 1-12, December.

    More about this item

    Keywords

    sufficiency economy; utility function; microeconomic analysis; consumption; optimality;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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