MUMBAI, India, Aug. 12 -- Intellectual Property India has published a patent application (202621073814 A) filed by Mr. Preetesh Dilip Pathare; and Miss. Priti Vijaykumar Patil on June 14, 2026, for Analysing The Utility Function In Rational Vs. Irrational Consumer Spending.
Inventors include Mr. Preetesh Dilip Pathare; and Miss. Priti Vijaykumar Patil.
The application for the patent was published on August 07, 2026, under issue no. 32/2026.
Abstract: ABSTRACT ANALYSING THE UTILITY FUNCTION IN RATIONAL VS. IRRATIONAL CONSUMER SPENDING Consumer spending behavior plays a crucial role in economic growth, market sustainability, and individual financial well-being. Traditional economic theories assume that consumers make rational decisions by maximizing utility under budget constraints. However, modern consumer markets indicate that purchasing decisions are often influenced by emotions, psychological biases, social pressures, and digital marketing strategies, resulting in irrational spending behavior. The present innovation introduces an intelligent utility analysis framework that compares rational and irrational consumer spending patterns through a multidimensional utility function. The framework evaluates economic variables such as income, price, and product value alongside behavioral variables including emotional influence, social pressure, impulse buying tendencies, and cognitive biases. The proposed system assists in identifying spending patterns and estimating the long-term utility derived from consumer decisions. The innovation can be applied in financial planning systems, digital banking platforms, e-commerce recommendation engines, behavioral economics research, and consumer awareness programs. By integrating classical utility theory with behavioral economics, the proposed framework provides a comprehensive mechanism for understanding and predicting consumer spending behavior.
Disclaimer: Curated by HT Syndication.
