Non-monotonic utility functions for microeconomic analysis of sufficiency economy
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.
|Date of creation:||31 Aug 2011|
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Web page: https://mpra.ub.uni-muenchen.de
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