Non-monotonic utility functions for microeconomic analysis of sufficiency economy

Non-monotonic Utility Functions for Microeconomic Analysis of Sufficiency Economy

Komsan Suriya ()

MPRA Paper from University Library of Munich, Germany

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.

Keywords: sufficiency economy; utility function; microeconomic analysis; consumption; optimality (search for similar items in EconPapers)
JEL-codes: D11 B59 Q01 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-upt
Date: 2011-08-31
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Persistent link: http://EconPapers.repec.org/RePEc:pra:mprapa:33783

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