물리적 제약(Physical Constraint)을 적용한 효용 극대화

Utility Maximization Under Physical Constraint and Its Application to Food and Agricultural Products

Consumers generally have the physical constraints for food consumption. However, the physical constraints have not been properly dealt with in typical utility maximization problems, though it is sure that food consumption is affected by the physical constraints. This paper, thus, applies the physical constraints of food consumption to utility maximization problem. When the physical con-stratints are applied, the responses to the increase in income differ between high-income and low-income consumers in food consumption. This paper also shows that a food product can be an inferior good not only its own characteristics but by the physical constraints.