Abstract
This article recasts Maslow's Theory of Motivation into a form amenable to economic analysis. The transformation is accomplished by developing a decision structure that duplicates key implications of the theory and then combines this formulation with the methodology of utility maximization. The resulting model is used to examine how changing levels of economic income and noneconomic forms of wealth affect the desired content of the consumption bundle.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.