Convex Preferences

Convex Preferences

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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. In economics, convex preferences refer to a property of an individual's ordering of various outcomes which roughly corresponds to the idea that "averages are better than the extremes." The concept roughly corresponds to the concept of diminishing marginal utility but uses modern theory to represent the concept without requiring the use of utility functions.Comparable to the greater-than-or-equal-to ordering relation for real numbers, the notation below can be translated as: 'is at least as good as' (in preference satisfaction). Use x, y, and z to denote three consumption bundles (combinations of various quantities of various goods). Formally, a preference relation P on the consumption set X is convex if for anyshow more

Product details

  • Paperback | 72 pages
  • 152 x 229 x 4mm | 118g
  • Tract
  • United States
  • English
  • black & white illustrations
  • 6136169525
  • 9786136169521