Documente Academic
Documente Profesional
Documente Cultură
Prutthisathaporn
4904640481
:
The
analysis
through
Product
Differentiation
Theory
and
the
Case
Study
of
Thailand
SET
50
Index
1. Introduction
1.1 Background
In
Milton
Friedman's
classic
article,
The
Social
Responsibility
of
Business
is
to
Increase
its
Profits,
he
wrote
in
1970
in
his
stockholder
theory
of
corporate
moral
responsibility
that
a
corporation's
only
moral
responsibility
was
to
promote
the
financial
well-‐being
of
its
stockholders
(McAleer,
2003).
It
is
evident
that
business
world,
particularly
the
United
States,
is
currently
moving
toward
his
theory
since
a
vastly
variety
of
corporations
has
increasingly
adopted
his
principle.
Numerous
companies
are
creating
an
energy-‐efficient
product,
racing
to
be
greener
than
one
another,
attempting
to
be
perceived
as
a
good,
reliable
firm,
and
improving
environmental
and
working
conditions.
For
instance,
most
players
in
automobile
industry
have
substantially
expanded
the
production
of
hybrid
car,
massive
farming
firms
have
adopted
an
organic
farming,
and
consumer
goods’
manufacturers
considerably
have
labelled
their
products
noting
on
energy
usage.
This
strengthens
the
belief
that
profits
and
principles
are
not
mutually
exclusive
and
investment
industry
is
no
exception.
Ethical
investment
was
born
out
of
a
dream
to
be
an
alternative
investment
for
people
who
desire
to
invest
in
what
they
believe.
They
pay
attention
not
only
to
the
number
of
risk
and
return,
but
also
to
where
their
money
goes.
Ethical
investment
is
defined
as
putting
your
money
where
your
morals
are,
or
investing
according
to
your
beliefs
(Fehrenbacher,
2001).
To
respond
to
a
variety
of
belief
around
the
world,
various
types
of
ethical
investments
have
been
initiated,
which
in
fact
fall
into
the
three
classifications
–
religious
investment,
green
investment,
and
socially
responsible
investment.
Firstly,
funds
with
religious
investment
consist
of
Catholic
fund,
Islamic
fund,
and
Jewish
fund.
The
main
focus
of
catholic
fund
is
on
life
ethic,
which
rules
out
investments
in
companies
participating
in
abortion.
Companies
whose
products
or
services
violate
the
Catholic
Church’s
teachings
on
a
consistent
life
ethic,
including
contraceptives,
embryonic
stem
cell
research,
and
abortion-‐related
products
and
services
are
also
excluded.
The
most
famous
catholic
fund
is
Christian
Brothers
Investment
Services,
Inc.
(CBIS)
which
is
the
leader
in
Catholic
socially
responsible
investing.
CBIS
possess
approximately
$3
billion
in
assets
under
management
for
over
1,000
Catholic
institutions
worldwide,
including
dioceses,
religious
institutes,
educational
institutions
and
health
care
organizations.
Next,
Islamic
funds
exclude
engagement
in
what
Islamic
laws
prohibit,
including
alcohol-‐related
activities,
conventional
banking
services,
entertainment
and
gambling,
life
insurance,
and
pork-‐related
products.
Its
main
difference
from
other
ethical
funds
is
the
prohibition
on
interest-‐based
transactions
and
finance.
As
a
consequence,
allowance
of
limited
debt
has
protected
Islamic
community
from
investment
losses
in
the
past,
particularly
during
crisis
period.
The
last
religious
fund
is
Jewish
fund.
Under
Jewish
teaching,
investors
should
feel
responsible
for
the
harm
done
to
others
by
the
companies
whose
stock
they
own.
The
prohibition
incorporates
no
profit
from
forbidden
activities,
especially
those
generating
pollution
or
exploiting
labor
force,
and
no
ownership
of
assets
that
cause
others
harm.
The
manager
of
Jewish
fund
is
likely
to
involve
the
process
of
positive
engagement
with
corporations
in
order
to
raise
their
general
ethical
standards.
Manoje
Prutthisathaporn
4904640481
The
second
classification
of
ethical
investment
is
green
investment.
The
major
characteristic
of
green
investment
is
a
pursuit
in
an
environmentally-‐oriented
investment
policy.
Funds
with
green
investment
usually
use
company’s
impact
on
the
environment
or
its
effort
to
minimize
this
as
their
principal
criteria.
Data
from
Fintactica,
a
US
independent
research
and
analysis,
disclosed
that
green
funds
available
in
the
US
in
2004
held
a
lot
of
mainstream
businesses
with
a
good
record
in
environmental
activities
in
their
portfolio,
including
Microsoft,
AIF,
Coca
Cola,
and
Wells
Fargo.
Lastly,
socially
responsible
investment
(SRI)
is
investment
which
allows
investors
to
take
into
account
wider
concerns,
such
as
social
justice,
economic
development,
peace
or
a
healthy
environment,
as
well
as
conventional
financial
considerations,
according
to
The
Association
for
Sustainable
&
Responsible
Investment
in
Asia.
It
holds
negative
screening
to
exclude
firms
violating
its
principle
and
actively
seeks
out
firms
which
make
a
positive
contribution
to
society.
Most
SRI
funds
are
constructed
by
using
environmental,
social
and
governance
(ESG)
factors
as
selection
criteria,
including
clean
and
renewable
energy,
environmental
friendly
management,
workplace
practices
and
labor
standards,
ethical
policies,
and
corporate
governance
and
transparency.
SRI
is
an
increasingly
popular
field
of
investment,
particularly
in
Europe
and
North
America.
Celent
Financial
Consultancy
reported
in
2007
that
the
market
of
SRI
grew
from
1
trillion
euro
in
2005
to
1.6
trillion
euro
in
2007
distributed
across
451
SRI
funds
in
Europe.
The
trend
is
predicted
to
be
continuous
upward
in
Europe
and
the
situation
is
similar
in
the
United
States.
In
2007,
SRI
funds
accounted
for
11
percent
of
$25.1
trillion
in
total
assets
under
management
in
US
mutual
fund
industry
according
to
Report
on
Socially
Responsible
Investing
Trends
published
by
Social
Investment
Forum.
The
report
also
revealed
the
growth
rate
of
18
percent
in
total
assets
under
management
using
socially
responsible
investing
strategies,
increasing
from
$2.29
trillion
in
2005
to
$2.71
trillion.
Ethical
investments
also
vary
in
the
levels
of
commitment
but
some
ethical
funds
might
combine
different
methods.
The
simplest
way
is
screening
-‐
the
inclusion
or
exclusion
of
stocks
and
shares
based
on
ethical
ground
–
which
can
be
either
negative
or
positive.
With
negative
screening,
companies
are
excluded
from
the
investment
because
of
their
involvement
in
certain
activities
which
are
judged
such
negativity
as
heavy
polluters,
arms
companies,
and
animal
testers.
In
contrast,
positive
screening
helps
select
companies
with
superior
social
or
environmental
performance.
The
second
level
is
engagement.
According
to
Ethical
investment
research
services,
with
engagement,
fund
managers
actively
encourage
companies
to
adopt
social
and
environmental
best
practices.
This
can
involve
meetings
with
senior
management
and
voting
at
relevant
annual
general
meetings.
Many
of
the
larger
ethical
pension
funds
tend
to
concentrate
solely
on
engagement.
The
last
level
is
called
community
investing,
as
known
as
social
venture
capital.
It
is
the
investment
of
money
into
community
developments
that
contribute
to
the
growth
and
well
being
of
particular
communities
(Carla,
2007).
For
instance,
the
Grameen
Bank
of
Bangladesh
by
Nov
2000
had
already
lent
$3.2
billion
to
over
two
million
people.
Among
them,
90
percent
were
women
who
were
classified
as
very
poor
with
a
repayment
rate
of
98
percent.
Table1 SRI -‐ related funds in Asia in May 2008
Situation
of
ethical
investment
funds
in
Asia
is
summarized
in
the
table1.
The
leaders
of
SRI-‐related
funds
in
Asia
are
Malaysia,
Japan,
and
Korea,
all
of
which
are
developed
countries,
while
developing
countries
like
China,
Thailand,
India,
and
Indonesia
have
a
few
numbers
of
ethical
funds.
The
three
Thai
ethical
funds
shown
in
the
table1
comprise
MFC
Environmentally
and
Socially
Responsible
Investment
Fund,
MFC
Invest
Global
Agribusiness
Fund,
and
MFC
Islamic
Fund.
In
other
words,
two
SRI
funds
and
one
religious
fund
have
been
launched
in
Thailand.
The
first
SRI
fund
in
Thailand,
MFC
Environmentally
and
Socially
Responsible
Investment
Fund,
aims
to
generate
sustainable
returns
as
well
as
to
support
companies
that
gave
a
priority
to
social
investment.
Firms
are
screened
on
their
policies
to
protect
the
environment
and
promote
social
awareness
and
a
third
party
standard
based
on
ISO
14000
compliance
as
well
as
the
corporate
governance
standards
set
by
the
Stock
Exchange
of
Thailand
are
applied.
Secondly,
MFC
Invest
Global
Agribusiness
Fund
is
the
first
fund
focusing
on
Agricultural
Business
in
Thailand.
The
fund
invests
only
in
investment
units
of
DWS
Invest
Global
Agribusiness
Fund
investing
in
global
agricultural
business
managed
by
Deutsche
Asset
Management.
Lastly,
the
investment
of
MFC
Islamic
Fund
is
determined
Religions
Advisory
Board,
as
known
as
Shariah
Committee,
consisted
of
distinguished
members
of
the
Thai
Muslim
community
who
are
knowledgeable
about
Islamic
law
and
principles.
The
fund
not
only
excludes
companies
that
do
not
engage
in
prohibited
businesses,
but
also
establishes
financial
criteria
for
investee
companies,
specifying
the
maximum
allowance
of
the
ratio
of
total
debt,
of
the
sum
of
interest
securities,
and
of
account
receivable.
Table2 Total value of mutual fund industry in Thailand, from 2002 to 2008
The
table2
demonstrates
the
whole
picture
of
mutual
fund
industry.
The
total
asset
value
managed
by
mutual
funds
in
Thailand
increased
by
more
than
three
times
from
2002
to
2008.
This
data
illustrate
the
attractiveness
of
mutual
funds
to
Thai
people,
resulting
in
their
continuous
upward
rising
trend.
Manoje
Prutthisathaporn
4904640481
1.2 Problems
A
large
number
of
diverse
ethical
investment
funds
with
their
standard
have
been
initiated
and
gained
a
huge
attention
from
public.
Nevertheless,
A
very
few
funds
with
Buddhist
investment
have
been
founded
as
Buddhist
investment
criteria
have
never
been
constructed
even
though
Buddhism
is
the
world's
fourth
largest
religion
in
terms
of
number
of
adherents.
One
of
them
is
Nirvana
Investment.
Its
website
describes
itself
as
Buddhist
private
investment
company
based
on
transparent
ethical
principles
which
seeks
solid
return
for
its
investors
with
the
ultimate
goal
of
supporting
Buddhist
organizations.
Its
criteria
of
investments
and
equity
selections
have
not
been,
however,
fully
developed
to
be
so
professional
that
other
investors
can
adopt.
Of
Thai
population,
97
percent
is
Buddhist.
Corporate
social
responsibility
and
Sufficiency
Economy
is
widely
recognized
by
numerous
public
and
private
organizations
as
a
balanced
alternative
development
approach.
In
addition,
Buddhist
Economics
has
increasingly
gained
attention
from
scholars
as
Buddhist
principles
are
scientifically
studied
and
acknowledged
that
they
do
not
to
contradict
to
economics
theory.
In
short,
the
uprising
awareness
of
sustainability
and
environmental
and
societal
concern
is
obvious
in
Thai
society,
implying
the
lack
of
alternative
in
investment
industry
responding
to
their
religious
beliefs.
1.3 Theory
The
analysis
and
development
of
this
paper
mainly
rely
on
two
economic
theories;
Buddhist
economics
and
Product
differentiation
theories.
Buddhist
economics
was
first
introduced
in
Chapter
4
of
E.F.
Schumacher’s
book
“Small
is
Beautiful”
in
1973.
Thereafter,
the
concept
has
been
elaborated
by
many
well
known
scholars
all
over
the
world.
Schumacher
(1989)
believed
that
“Study
of
Buddhist
economics
could
be
recommended
even
to
those
who
believe
that
economic
growth
is
more
important
than
any
spiritual
or
religious
value.”
The
aim
of
Buddhist
economics
is
to
correct
unrealistic
assumptions
of
mainstream
economics.
For
instance,
work
is
always
disutility,
human
nature
is
to
only
compete,
money
is
proxy,
and
maximum
consumption
is
an
end
of
everything.
In
conclusion,
the
study
of
Buddhist
economics
provides
a
better
understanding
of
economics
with
human
nature
to
explain
human
behavior
as
a
social
science.
Buddhist
economics
is
defined
as
the
subject
explaining
economic
activities
with
the
aim
for
both
individuals
and
society
to
achieve
peace
and
tranquility
under
resource
constraint
(Puntasen,
2004).
It
is
derived
from
the
lesson
of
the
Buddha’s
discoveries
on
his
path
to
enlightment
(Prayukvong,
2006).
The
concept
of
Right
Livelihood
was
employed
as
Schumacher’s
main
theme
to
develop
his
counterarguments
against
mainstream
economics
and
to
articulate
Middle
Way
between
modern
growth
and
traditional
stagnation.
Right
livelihood
means
avoiding
any
means
of
livelihood
that
involves
harm
or
exploitation
of
others
(Bogoda,
1994).
The
Buddha
mentioned
five
specific
kinds
of
livelihood
which
brought
harm
to
others
and
were
therefore
to
be
avoided
(Bodhi,
1994).
They
are
dealing
in
weapons,
in
sale
of
flesh
or
being
connected
with
the
raising
and
killing
of
animals
and
in
meat
production
and
butchery,
in
trading
in
living
beings,
including
slavery
and
prostitution,
in
poisons
or
drugs,
and
in
producing
or
selling
liquor.
Manoje
Prutthisathaporn
4904640481
The
main
idea
of
Buddhist
economics
is
simplicity
and
non-‐violence.
Every
economics
activity
must
not
harm
oneself
or
others.
The
underlying
reason
is
the
interconnected
aspects
of
human
existence
-‐
human,
society,
and
nature
-‐
which
are
correlated,
coordinated,
and
complemented
with
each
other
within
the
ecosystem.
To
follow
this
principle,
production
must
generate
no
negative
product
or
action.
Through
production
even
though
new
things
are
created,
it
is
merely
changes
of
state.
Production
is,
therefore,
justified
when
the
value
of
the
things
produced
outweighs
the
value
of
those
destroyed.
To
minimize
an
adverse
impact
on
environment,
non-‐renewable
goods,
if
used,
must
be
used
only
when
they
are
indispensable
and
with
greatest
case
and
meticulous
concern
for
conservation
(Schumacher,
1989).
Also,
waste
should
be
kept
at
its
minimum
level
and
utmost
attempt
to
improve
nature
and
environment
should
be
prioritized.
Furthermore,
mind
plays
a
crucial
role
in
production
process
since
it
is
considered
as
a
powerful
factor
of
production.
The
supreme
factor
of
production
is
the
ability
to
understand
everything
by
and
in
its
own
nature,
used
to
control
all
factor
inputs
(Prayukvong,
2006).
Employment
justified
in
Buddhist
economics
is
to
give
a
man
a
chance
to
utilize
and
develop
his
faculties,
to
enable
him
to
overcome
his
ego-‐centeredness
by
joining
with
other
people
in
a
common
task,
and
to
bring
forth
the
goods
and
service
needed
for
a
becoming
existence
(Schumacher,
1989).
Work
and
leisure
are
complementary
parts;
both
of
them
can
lead
to
joy.
To
sum
up,
production
process
should
be
done
in
such
a
way
enhancing
good
quality
of
human
input.
Buddhist
economics
considers
the
ethical
value
of
wealth
by
the
ways
it
is
obtained
and
the
way
it
is
used.
The
activity
on
which
consumers
spend
their
wealth
is
consumption.
In
Buddhist
economics,
consumption
is
to
maintain
good
physical
and
mental
health
and
to
generate
and
accumulate
of
wisdom.
It
is
only
a
mean
to
an
end,
not
an
end
in
itself,
and
must
be
balanced
to
an
appropriate
amount
to
attain
well
–
being,
resulting
in
forming
a
basis
for
the
further
development
of
human
potentialities.
Maximizing
satisfaction
through
consumption,
many
people
damage
their
own
health
and
harm
others.
If
satisfaction
is
sought
in
things
that
do
not
enrich
the
quality
of
life,
the
result
often
becomes
the
destruction
of
true
welfare,
leading
to
delusion,
intoxication,
and
loss
of
health
and
well-‐being
(Payutto,
1994).
In
short,
only
moderate
consumption
with
the
right
amount
is
essential
to
realize
the
true
well-‐being.
In
realistic
world,
where
none
of
the
market
is
perfectly
competitive,
products
can
be
differentiated
in
different
ways.
Most
consumers,
in
fact,
differ
in
their
taste.
With
horizontally
differentiation,
firms
have
to
decide
how
best
to
serve
different
types
of
consumer
and
offer
products
with
different
characteristics
but
similar
qualities
that
appeal
to
each
group.
In
a
location
(spatial)
model,
firms
view
some
products
as
closer
substitute
than
others.
They
compete
with
them
more
vigorously
than
those
that
consumers
perceive
as
less
close
substitutes.
The
model
is
based
on
two
main
assumptions.
First,
each
firm’s
product
has
a
particular
location
in
geographic
or
characteristic
space.
The
closer
two
products
are,
the
better
substitute
they
are.
Second,
consumers
have
locations
in
geographic
or
product
space
(Carlton,
2004).
They
prefer
products
that
are
close
to
their
preferred
types.
In
a
monopoly
market,
a
monopolist
decides
how
best
to
supply
consumers
and
consumers
are
distributed
uniformly
along
a
street
z.
To
purchase
a
product,
consumers
pay
the
price,
denoted
by
p
and
incur
transportation
cost
t
per
unit
of
length.
They
buy
exactly
one
unit
provided
that
a
price
plus
transport
costs
is
less
than
their
reservation
value,
denoted
by
V.
The
best
location
for
a
firm
to
Manoje
Prutthisathaporn
4904640481
minimize
consumers’
transportation
cost
is
the
middle.
Given
the
price
and
middle
location,
consumers
at
the
ends
of
the
market
incur
highest
cost.
In
the
exhibit1,
all
consumers
within
distance
x1
to
the
left
and
right
of
the
shop
buy
the
product.
If
the
monopolist
wants
to
target
all
consumers
along
the
street,
the
highest
price,
denoted
by
p*,
they
can
charge
is
p
such
that
p*
+
t/2
must
be
no
greater
than
V.
Thus,
p*
=
V
–
t/2
Two
stores
with
the
same
marginal
cost
selling
the
same
physical
good
are
located
at
the
extremes
of
the
city.
Consumers
living
at
x
incurs
a
cost
of
tx
to
go
to
store1
and
a
cost
of
t(1-‐x)
to
go
to
store2.
They
derive
their
consumer
surplus
from
the
gross
of
price
and
transportation
costs.
A
consumer
who
is
indifferent
between
the
two
firms
is
located
at
x
where
p1+tx= p2+t(1-‐x)
Therefore, given p1 and p2, demanded for firm1 and firm2 is
To
maximize
profit,
the
first-‐order
condition
for
firm
i
is
pj+c+t-‐2pi=0
Hence,
the
competitive
price
under
product
differentiation
is
obtained:
pi=pj=c+t
When
t
increases,
both
stores
charge
higher
price.
Firms
only
compete
directly
with
others
near
them
since
consumers
incur
higher
cost
to
move
their
position.
In
other
words,
they
compete
less
for
the
same
consumer
as
the
consumer
values
proximity.
As
a
result,
they
gain
monopoly
power
allowing
them
to
increase
price.
In
conclusion,
the
higher
transportation
cost
is,
the
more
differentiated
products
are.
Additionally,
an
outside
good,
or
an
undifferentiated
product
competitively
supplied
by
another
industry,
can
be
added
to
the
location
model
to
study
the
industry
where
there
is
an
indirect
competitor.
Utility
from
outside
good
less
its
price
is
o.
Customer
may
decide
to
buy
the
outside
good
if
it
gives
more
net
utility.
A
customer’s
location,
L*,
represents
customer’s
most
preferred
type
of
goods
and
u
denotes
the
utility
the
consumer
obtain
from
spending
at
L*.
The
pleasure
a
consumer
gets
from
consuming
a
product
in
the
market
located
at
t
is
Manoje
Prutthisathaporn
4904640481
Each
consumer
attempts
to
maximize
consumer
surplus:
U(L,L*)
–
p.
Customers
only
buy
a
commodity
of
the
best-‐buy
firms
in
the
field
if
its
surplus
exceeds
the
surplus
they
gain
from
consuming
the
outside
good.
The
greatest
surplus
the
customer
can
obtain
from
a
product
in
the
industry
occurs
when
he
purchases
at
the
location
of
t*,
causing
no
transportation
cost.
Maximum
surplus
he
can
acquire
is,
therefore,
u
–
p*
where
p*
is
the
price
of
a
product
located
at
t*.
He
is
willing
to
buy
a
product
in
the
industry
only
if
its
surplus
is
greater
than
that
from
outside
good:
u
–
p*≥
o.
Then
the
reservation
price
can
be
derived:
v
=
u
–
o.
It
represents
the
highest
price
the
consumer
is
willing
to
pay
for
a
product
in
the
industry.
The
location
model
has
a
much
richer
application
as
a
model
of
product
differentiation
where
location
can
be
thought
of
in
time
-‐
departure
times
of
planes,
buses,
or
trains
–
or
in
product’s
design
or
variety.
When
location
represents
degree
of
preference,
transportation
cost
denotes
a
utility
loss
from
not
consuming
their
preferred
commodity.
A
lot
of
papers
have
studied
the
association
between
Buddhist
Economics
and
business.
Zsolanai
(2009)
proposed
in
his
book
that
Buddhist
economics
was
not
a
system
but
a
strategy,
which
could
be
applied
in
any
economic
setting
and
provided
a
rational,
ethical,
and
ecological
value
background,
which
promoted
happiness,
peace
and
permanence
(Zsolanai,
2009).
Wanna
Prayukvong
(2007)
did
an
in-‐depth
research
on
Thai
entrepreneur
called
Asia
Precision.
The
owner
of
Asia
Precision
adopts
Buddhist
Economics
approach
and
encourages
the
employees
to
follow.
The
result
is
amazingly
successful.
With
the
implementation
of
institutional
environment,
peacefulness,
positive
satisfaction,
happiness,
and
trust
occur
in
Asia
Precision
while
its
financial
performance
is
superior.
Besides
the
case
study,
the
author
also
argued
that
corporate
social
responsibility
activities
did
not
shift
the
paradaigm
of
self-‐interest
of
capitalism.
In
Japan,
buddhist
economics
has
been
recommended
by
a
former
President
of
the
Japanese
Miyazaki
Bank
since
1997
as
a
novel
approach
to
economic
management
that
is
an
appropriate
middle
path
between
capitalism
and
socialism.
Numerous
scholars
have
researched
a
fund
and
its
industry
with
the
approach
of
product
differentiation
framework.
Becchetti
and
Solerino
(2005)
produced
several
working
paper
series
in
2005
for
Center
for
European
Integration
Strategies
regarding
this
field.
The
model
of
horizontal
product
differentiation
where
a
zero
profit
socially
concerned
producer
and
a
profit
maximizing
producer
compete
over
price
and
socially
and
environmentally
responsible
feature
is
analyzed.
Their
study
concludes
that
ethical
producer’s
entry
has
positive
indirect
effects
on
aggregate
social
and
environmental
responsibility
since
the
incumbent
finds
it
optimal
to
imitate
when
consumers'
perception
of
ethical
cost
is
sufficiently
high
(Becchetti,2005).
Hortacsu
and
Syverson
(2004)
applied
product
differentiation
theory
to
analyze
the
case
of
S&P
500
Index
Funds
with
a
focus
on
dissimilar
search
cost.
Shuging
li
(2005)
purported
a
research
on
product
differentiation
and
fee
competition
in
the
mutual
fund
industry.
According
to
these
two
literatures,
despite
a
large
number
of
players
offering
nearly
homogenous
return
pattern
of
funds
and
severe
competition,
mutual
funds
can
Manoje
Prutthisathaporn
4904640481
charge
unequal
fee
by
differentiating
from
each
other,
resulting
in
positive
profit,
as
a
result
of
imperfect
measures
of
quality
and
reasonable
magnitudes
of
search
costs.
Barracchini
(2007)
proposed
a
model
of
portfolio
selection
with
additional
index
besides
risk
and
return
indexes
where
an
investor
was
rational,
ethical,
and
adverse
to
the
risk.
The
selection
process
based
on
ethical
principles
of
an
investor
is
demonstrated.
In
conclusion,
numerous
studies
prove
the
practicality
and
accomplishment
of
applying
Buddhist
Economics
to
business
world.
Investment
fund
industry
is
differentiated
in
many
characteristics
despite
its
severe
competition,
resulting
in
unequal
fee
each
fund
charge.
One
method
to
differentiate
a
fund
is
with
ethical
or
social
responsible
feature,
responding
to
some
customers'
preference.
Nevertheless,
the
link
between
Buddhist
economics
and
investment
criteria
has
never
been
developed.
As
a
result,
no
application
of
Buddhism
principle
to
ethical
feature
of
investment
fund
has
been
initiated.
This
is
the
gap
this
paper
attempts
to
contribute.
The
questions
this
paper
aims
to
discuss
are
how
the
applicable
criteria
of
investment
fund
based
on
Buddhist
economics
is
designed
and
how
the
characteristics
of
Buddhism
investment
differ
from
those
of
mainstream
investment.
Through
the
analysis
and
the
development
in
this
paper,
an
investor
or
a
fund
manager
who
want
to
select
a
firm
to
invest
according
to
Buddhist
economics
would
be
beneficial.
The
author
believes
that
Buddhism
investment
yields
in
total
more
utility
to
some
customers
than
mutual
fund
even
though
its
return
is
lower,
and
the
return
of
Buddhism
investment
is
greater
than
that
of
government
bond.
Buddhism
investment
is,
consequently,
supposed
to
be
practical
and
satisfy
some
consumers’
preference.
This
paper
aims
to
establish
practical
Buddhism
investment
criteria
and
then
to
illustrate
the
utility
people
gain
from
Buddhism
investment
fund
and
from
mainstream
mutual
fund.
At
first,
the
paper
will
seek
out
the
principles
of
Buddhist
economics
that
can
be
tracked
to
construct
investment
criteria.
Then
the
benefits
of
Buddhism
investment
will
be
explored.
In
the
next
section,
Buddhism
and
mainstream
investment
would
be
modeled
by
Product
differentiation
theories.
The
conditions
that
Buddhism
investment
has
to
satisfy
will
be
constructed.
Eventually,
a
case
study
of
SET50
will
be
researched
to
analyze
the
possibility
of
Buddhism
investment
and
evaluated
the
hypothesis.
The
author
will
rely
on
the
criteria
established
to
screen
the
firms
in
SET50
and
compare
the
return
with
SET50
index.
Within
the
above
described
framework,
this
paper
is
divided
into
eight
sections
(including
introduction
and
conclusions).
The
second
section
analyzes
Buddhist
economics
theories
to
seek
out
the
principles
that
can
be
applied
to
design
a
benchmark
identifying
firms
that
fail
to
meet
and
the
ones
that
satisfy.
The
benchmark
help
exclude
a
firm
that
violate
Buddhist
principle
and
select
a
firm
with
a
superior
performance.
The
third
section
explores
externality
framework
to
illustrate
the
negative
effect
of
mainstream
investment
on
society
and
the
benefit
of
Buddhism
investment.
In
the
fourth
section,
the
model
of
Buddhist
horizontally
product
differentiation
in
investment
market
where
a
mainstream
investment
firm
and
a
firm
with
Buddhist
investment
offer
different
Manoje
Prutthisathaporn
4904640481
characteristics
of
funds
to
attract
consumers
is
considered
with
a
derivation
of
demand
for
Buddhist
investment
fund
and
for
mainstream
fund.
The
fifth
section
applies
the
model
a
case
study
of
Thailand
SET50.
Firms
in
Thailand
SET50
index
will
be
evaluated
and
the
established
criteria
will
be
simplified
to
screen
out
negative
firms
with
limited
available
information.
Then
the
five
-‐
years
monthly
return
of
selected
firms
will
be
collected
to
find
their
average
return
and
standard
deviation.
Also,
the
weighted
average
of
the
selected
firms’
returns
according
to
their
market
value
will
be
computed
and
then
compared
with
SET50
index.
The
5
years
return
of
the
government
bond
will
be,
eventually,
considered
to
justify
the
return
of
Buddhist
investment.
Buddhist
economics
discussed
in
the
first
section
can
be
summarized
into
six
main
points
as
following.
There
are
five
prohibited
activities
Buddha
mentioned,
an
economics
activity
must
not
bring
harm
to
others,
society,
or
environment,
the
main
goal
of
consumption
is
to
enrich
the
well
–
being,
business
prioritization
is
to
improve
nature
and
environment,
the
value
of
creation
in
the
production
process
must
outweigh
the
value
of
what
is
destroyed,
and
a
job
must
give
workers
a
chance
to
increase
their
potential
and
satisfaction.
The
investment
criteria
designed
in
this
section
correspond
to
these
six
issues
and
are
outlined
according
to
the
level
of
ease
and
complexity.
The
excluded
criteria
that
screen
out
a
negative
firm
will
be
constructed
first
whereas
the
selection
process
that
screen
in
a
superior
firm
will
be
discussed
later
in
this
section.
The
first
two
criteria
are
negative
screening
and
a
firm’s
profound
information
is
not
required.
To
be
more
comprehensive,
the
third
criterion
which
is
a
negative
screening
requires
investigation
of
a
firm.
The
last
three
criteria
which
attempt
to
distinguish
a
firm
following
Buddhist
Economics
are,
eventually,
to
be
identified
with
an
in-‐depth
study
on
individual
firm.
Firstly,
the
obvious
activities
violating
Buddha
teaching
are
those
dealing
in
weapons,
in
sale
of
flesh
or
being
connected
with
the
raising
and
killing
of
animals
and
in
meat
production
and
butchery,
in
trading
in
living
beings,
including
slavery
and
prostitution,
in
poisons
or
drugs,
and
in
producing
or
selling
liquor.
Companies
or
industries
engaging
in
these
five
harmful
activities
are
definitely
excluded.
Secondly,
firms
whose
production
process
or
product
brings
harm
to
consumers,
other
people,
society,
or
environment,
must
be
excluded.
Under
economics
framework,
they
generate
negative
externality.
Three
questions
have
to
be
identified;
whether
a
firm
is
in
an
industry
that
generates
pollution,
whether
a
firm’s
product
upholds
violence,
and
whether
a
firm
sells
a
product
that
damages
consumers’
physical
or
mental
health
or
environment.
Thirdly,
the
issue
of
relation
with
customers
is
crucial.
First,
a
firm
must
not
exploit
consumers
and
deal
with
them
fairly.
Second,
its
product
must
be
safe
and
not
deceptive.
The
number
of
consumers
appealing
or
filing
the
company
in
the
problem
of
quality
of
goods
or
service
contact
should
be
taken
into
account.
Fourthly,
the
inclusion
of
a
firm
depends
on
conservation
of
energy
and
natural
resources
and
environment
improvement.
An
attempt
to
improve
nature
and
environment
should
be
obviously
prioritized.
Minimization
of
non
–
renewable
goods
is
significant
in
Buddhist
economics.
If
they
are
used,
it
must
be
in
case
of
the
fact
that
they
are
indispensable
and
with
greatest
method
of
conservation.
A
firm
corresponding
to
the
following
two
concerns
is
unconditionally
in
favor;
a
firm
Manoje
Prutthisathaporn
4904640481
whose
core
business
enriches
the
environment
and
a
firm
without
the
non
–
renewable
input
or
with
an
excellent
record
of
a
substantially
declining
usage
of
non
–
renewable
goods.
Fifthly,
a
firm
creating
a
high
value
–
added
product
is
strongly
preferred.
Since
the
creation
of
final
goods
comprises
the
destruction
of
various
inputs,
a
firm
whose
production
procedure
relies
on
the
least
amount
of
resources
destroyed
to
maximize
the
value
of
a
final
product
shall
get
supported.
The
proportion
of
the
value
of
total
inputs
in
the
value
of
an
output
is
advantageous.
The
last
element
to
is
working
condition.
Firms
must
not
exploit
their
labor.
Instead,
firms
must
ensure
that
the
nature
of
a
job
they
assign
to
their
employee
both
enhance
their
potential
and
well-‐
being
and
afford
them
a
sense
of
satisfaction.
These
are
two
employment
criteria
a
firm
has
to
satisfy.
The
turnover
rate
is
an
indication
of
how
a
firm
treats
its
employee,
how
the
nature
of
a
job
that
employees
are
assigned
is,
and
how
employees
feel
while
working
with
a
firm.
These
six
criteria
are
summarized
in
the
exhibit2
to
describe
step-‐by-‐step
to
establish
Buddhist
investment
criteria.
An
externality
occurs
when
a
person’s
well-‐being
or
a
firm’s
production
capacity
is
directly
affected
by
the
action
of
other
consumer
or
firms
rather
than
indirectly
through
changes
in
prices
(Perloff,
2004).
If
someone’s
consumption
or
production
activities
hurt
or
help
other
outside
a
market,
it
causes
externalities.
A
market
with
negative
externalities
is
illustrated
in
the
left
diagram
of
the
exhibit3
whereas
the
right
diagram
of
the
exhibit3
demonstrates
a
market
with
positive
externalities.
Manoje
Prutthisathaporn
4904640481
In
both
markets,
a
competitive
firm
produces
at
competitive
output,
qc,
by
equating
marginal
cost,
MC,
with
firm’s
demand,
D,
derived
from
marginal
benefit,
MB,
consumers
gain.
This
competitive
optimum
does
not,
nonetheless,
maximize
social
welfare
since
an
indirect
benefit
or
cost
to
a
third
party
is
not
taken
into
account.
To
generate
social
optimal
output,
qs,
equilibrium
must
be
where
marginal
social
benefit,
MSB,
equals
marginal
social
cost,
MSC.
MSC
is
the
cost
of
manufacturing
one
more
unit
of
goods
plus
the
additional
externality
damaging
others
while
MSB
sums
the
direct
benefit
to
consumers
buying
a
product
with
the
positive
externality
benefiting
others.
Negative
externality
is
denoted
by
marginal
external
cost,
or
MEC,
whereas
marginal
external
benefit,
or
MEB,
represents
positive
externality.
On
the
left
side
of
the
diagram,
competitive
market
produces
excessive
negative
externalities
because
the
firms’
private
cost
is
less
than
their
social
cost.
Last
unit
of
output
yields
more
additional
cost
than
additional
benefit.
Conversely,
a
firm
in
the
right
market
of
the
exhibit3
considers
only
demand
for
its
product
without
realizing
someone
outside
the
market
benefiting
from
its
production.
To
enhance
social
welfare,
the
firm
should
expand
its
output.
To
sum
up,
because
of
externalities,
the
competitive
market
equilibrium
does
not
maximize
welfare.
With
Buddhist
investment
criteria,
the
amount
of
investment
is
not
allowed
to
flow
to
a
firm
with
a
creation
of
negative
externality.
Instead,
a
firm
with
positive
externalities
receives
a
financial
support
to
boost
its
production.
Only
a
firm
creating
indirect
benefit
to
a
society
is
provided
with
more
of
capital,
resulting
in
an
upward
shift
in
marginal
curve.
This
leads
to
an
increase
in
production
and
output.
Conversely,
a
firm
with
negative
externalities
encounters
a
more
difficulty
in
acquiring
a
fund.
Its
marginal
cost
shifts
to
the
left,
causing
a
drop
in
output.
As
a
consequence,
a
social
welfare
increases
and
a
market
equilibrium
moves
closer
to
a
socially
optimal
point
as
shown
in
the
exhibit4.
The
new
competitive
optimum
is
closer
to
the
social
optimum
than
the
original
one.
In
short,
Buddhism
investment
alleviates
the
externality
problem
leading
to
market
failure,
making
society
better
off
and
indirectly
enriching
the
happiness
of
consumers
following.
Most
of
the
assumptions
in
the
model
are
standard
assumptions
in
the
product
differentiation
literature.
The
model
features
are
outlined
by
defining
producers,
market
space
and
consumers.
In
the
production
side,
there
are
two
investment
firms
in
the
market;
a
mainstream
firm
offering
a
return
–
maximizing
investment
fund
and
an
ethical
firm
providing
a
Buddhist
investment
fund.
These
two
firms
have
the
same
marginal
and
fixed
cost
and
charge
a
customer
nothing,
meaning
no
fee
is
collected.
A
return
each
fund
performs
represents
a
price
a
normal
firm
charge.
Given
all
other
characteristics
being
equal,
a
customer
purchases
the
one
with
higher
return.
The
higher
return
a
fund
makes,
the
lower
the
price
consumers
perceive.
The
establishment
of
the
ethical
firm
with
its
Buddhist
investment
fund
into
the
market
generates
a
new
market
space
along
a
Buddhism
segment
with
unit
length
for
simplicity
and
without
lack
of
generality.
Location
on
the
left
extreme
corresponds
to
the
choice
of
selecting
a
firm
in
which
only
risk
and
return
are
taken
into
account
while
the
extreme
right
side
of
the
market
represents
the
choice
of
a
screening
process
which
strictly
follows
Buddhist
economics.
Within
these
two
extreme
choices,
both
firms
dispose
of
a
set
of
strategies
in
buddhism
–
a
where
a
∈
[0,1]
allowing
them
to
locate
in
any
point
of
the
segment
if
they
want.
The
set
of
strategies
in
Buddhism,
ranging
from
zero
to
one,
corresponds
to
different
level
of
engaging
Buddhist
economics
into
selection
process.
In
the
demand
side,
consumers
have
inelastic,
unit
demands,
and
heterogenous
preference
on
Buddhism
and
they
are
uniformly
distributed
across
the
line
segment
[0,1].
Each
consumer’s
position
in
the
interval
represents
individual
perception
of
the
Buddhist
value
of
a
fund.
Consumers
who
choose
a
fund
exactly
corresponding
to
their
preference
incur
no
cost.
Also,
consumers
who
buy
a
fund
offering
higher
level
of
Buddhist
in
selection
than
their
preference
experience
zero
cost
since
what
they
consume
is
above
their
satisfied
standard.
Thus,
the
cost
of
moving
along
the
line
segment
is
positive
only
for
those
going
from
a
more
Buddhism
to
a
less
Buddhism
point
as
they
go
to
the
location
which
is
below
their
satisfaction
level.
This
explains
why
costs
are
increasing
only
in
the
distance
between
consumer
and
the
location
of
return
–
maximizing
investment
fund
for
consumers
buying
from
the
mainstream
investment
firm.
Manoje
Prutthisathaporn
4904640481
Consumer
utilities
are
increasing
in
fund’s
return
level
and
decreasing
in
the
distance
between
consumer’s
Buddhism
stance
and
the
Buddhism
value
incorporated
in
the
purchased
fund.
The
welfare
of
a
consumer
located
at
x
is
rI – Vp -‐ t(x-‐a) for x-‐a ≥ 0 or rI – Vp for x-‐a<0
where
V
p
is
the
consumer
reservation
value,
or
a
minimum
return
he
is
willing
to
obtain
in
case
of
zero
costs
of
Buddhist
distance,
rI
is
the
return
performed
by
the
i-‐th
fund,
and
t
represents
the
cost
of
utility
loss
per
unit
of
distance
from
his
Buddhist
stance.
In
this
model,
consumers
care
only
for
downward
deviations
from
their
preferred
point.
In
case
of
uniform
return,
a
fund
located
in
a=0
would
be
weakly
preferred
to
one
located
at
the
right
by
all
consumers.
Each
consumer
attempts
to
maximize
consumer
surplus:
Funds,
as
a
consequence,
tend
to
move
rightward
to
attract
more
consumers
since
it
reduces
consumers’
utility
loss
from
consuming
the
product
with
less
satisfaction
of
Buddhist
feature
if
the
location
is
mobile.
To
elaborate
the
model
in
a
visual
way,
the
market
with
only
one
fund
is
demonstrated
first
and
then
the
complete
version
of
the
model
with
the
two
firms
mentioned
above
is
explored
later.
In
the
exhibit5,
there
is
only
one
fund
located
at
a=0.5,
offering
a
return
of
r.
V
is
the
consumer
reservation
value
and
t
represents
utility
loss
per
unit
of
distance
from
his
Buddhist
stance.
Exhibit5 Buddhist horizontally product differentiation model with only one goods in the market
The
line
originating
from
the
point
r
has
a
function
of
r
–
tx.
Its
slope
is
determined
by
the
cost
of
utility
loss
per
unit
of
length.
The
line
between
the
fund
and
the
extreme
left
is
horizontal,
expressing
the
level
of
utility
consumers
receive
without
utility
loss
while
the
line
for
the
other
half
of
the
market
is
downward
–
sloping
because
of
the
fact
that
the
farther
a
location
away
from
the
fund’s
stance
is,
the
greater
utility
loss
occurs.
Higher
utility
loss
per
unit
of
length
would
lead
to
a
less
number
of
buyers,
implying
considerable
level
of
differentiation.
Consumers
would
consume
the
fund
as
long
as
their
utility
from
consuming
less
the
utility
loss,
if
occurs,
exceeds
their
reservation
value.
The
consumers
in
the
market
are
divided
into
three
cases.
First,
consumers
located
between
extreme
left
and
the
middle
have
lower
level
of
Buddhist
than
the
stance
of
the
fund
and,
therefore,
incur
on
utility
loss
and
consume
the
fund.
Conversely,
the
other
half
of
the
Manoje
Prutthisathaporn
4904640481
market
purchasing
the
fund
would
encounter
utility
loss
since
their
Buddhist
preference
exceeds
the
level
the
fund
performs.
Despite
some
utility
loss,
the
ones
located
between
the
middle
and
x1
still
buy
the
funds.
Lastly,
those
rejecting
the
fund
are
located
to
the
right
of
x1
since
their
net
utility
from
selecting
the
fund
is
below
their
reservation
value.
Accordingly,
demand
for
the
fund
is
equal
to
x1
With
an
inflexible
location,
a
return
-‐
maximizing
investment
fund
presented
by
a
mainstream
firm
is
fixed
at
a=0
whereas
a=1
is
the
location
of
a
Buddhist
investment
fund
of
an
ethical
firm
providing.
A
consumer
who
is
indifferent
between
these
two
funds
is
located
at
x2
where
r r– Vp -‐ t(x2-‐0) = rb – Vp which can be rearranged to be rr – t x2 = rb
where
rr
is
the
return
of
return
-‐
maximizing
investment
fund
and
rb
is
the
return
of
the
Buddhism
investment
fund.
A
consumer
will
prefer
the
return
-‐
maximizing
investment
fund
to
the
Buddhism
investment
fund
if
rr
–
tx
>
rb
,
and
vice
versa.
With
rearrangement,
demand
for
the
return
-‐
maximizing
investment
fund
and
demand
for
the
Buddhism
investment
fund
are
Dr(rb, rr) = x2 = (rr – rb)/t and Db(rb, rr) = 1 – x2 = 1 -‐ (rr – rb)/t
As
t
rises,
demand
for
the
return
-‐
maximizing
investment
fund
declines.
In
other
words,
with
an
increase
in
cost
of
Buddhist
distance
perceived
by
customers,
more
consumers
select
Buddhism
investment
fund
since
the
opportunity
cost
goes
up.
This
situation
explained
is
visualized
in
the
exhibit6.
Exhibit6
Buddhist
horizontally
product
differentiation
model
with
two
firms
selling
extremely
different
fund
Originating
from
rr
at
the
extreme
left
of
the
market,
the
downward-‐sloping
blue
line
represents
the
level
of
utility
each
consumer
obtains
from
consuming
the
return
-‐
maximizing
investment
fund.
The
farther
distance
away
from
the
fund
a
consumer
is,
the
lower
utility
he
acquires.
Conversely,
the
utility
consumers
gain
from
purchasing
a
fund
is
represented
by
the
horizontal
red
line.
No
matter
where
they
are
in
the
market,
the
acquisition
of
the
Buddhism
investment
fund
yields
no
utility
loss.
Comparing
the
utility
both
funds
give,
each
consumer
selects
the
one
with
higher
utility
as
long
as
it
is
above
his
reservation
value.
In
other
words,
at
each
location
a
consumer
prefer
a
higher
line
as
long
as
it
is
above
their
reservation
value.
Consequently,
consumers
within
the
distance
x2
to
the
left
Manoje
Prutthisathaporn
4904640481
are
in
favour
of
the
return
-‐
maximizing
investment
fund
while
the
best
choice
for
those
whose
stance
is
to
the
right
of
x2
is
the
Buddhism
investment
fund.
Then
the
concept
of
an
outside
good
is
added
to
the
model.
Government
bond
is
riskless
investment
helping
a
government
and
benefiting
a
country
and
usually
yield
relatively
low
return
as
a
result
of
government
guarantee.
It
is
also
perceived
as
an
alternative
way
to
invest
and
diversify
a
risk.
It
is,
therefore,
reasonable
to
consider
government
bond
as
an
outside
good
for
fund
industry.
Government
bond
yields
a
return
of
g
and
incurs
no
transaction
cost
to
purchase.
Hence,
utility
consumers
gain
from
choosing
the
government
bond
is
g.
Consumers
will
buy
their
best
satisfied
fund
in
the
field
rather
than
government
bond
if
maximum
utility
they
can
attain
from
a
fund
is
greater
than
the
utility
they
get
from
the
government
bond:
With
the
existence
of
government
bond,
the
condition
that
consumers
will
consume
one
of
these
two
funds
rather
than
the
government
bond
is
In
conclusion,
the
first
necessary
condition
for
attractive
Buddhist
investment
fund
is
that
its
return
must
be
no
lower
than
the
return
of
government
bond
and
its
second
necessary
condition
is
that
its
return
must
be
greater
than
the
return
of
the
return
-‐
maximizing
investment
fund
less
a
consumer’s
utility
loss
from
consuming
the
product
with
less
satisfaction
of
Buddhist
feature.
A
consumer
always
selects
Buddhist
investment
fund
if
its
return
is
larger
than
the
returns
of
government
bond
and
of
return
-‐
maximizing
investment
fund.
Manoje
Prutthisathaporn
4904640481
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