Abstract
Non-monotonic preferences reflect self-sufficiency seeking motivated inter alia by non-materialist concerns as part of the overall, materialist and non-materialist happiness, characterizing individuals. This article examines theoretically the consequences of these preferences for market structure and competition policy through a comparison with monotonic preferences, ceteris paribus. The overall conclusion is that market structure does respond to happiness seeking, making it “easier”, but industry becomes more concentrated and less sensitive to change. Moreover, prices are found to be lower under non-monotonic preferences.
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