Non-monotonic utility functions for microeconomic analysis of sufficiency economy
AbstractThis 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.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 33783.
Date of creation: 31 Aug 2011
Date of revision:
sufficiency economy; utility function; microeconomic analysis; consumption; optimality;
Find related papers by 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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