Convex preferences: Difference between revisions

Revision as of 05:41, 17 May 2017

Revision as of 02:54, 3 June 2017

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and for every <math>\theta\in(0,1)</math>:

:<math>\theta y + (1-\theta) z \succ x </math>

i.e., for any two distinct bundles that are each viewed as being at least as good as a third bundle, a weighted average of the two bundles (including a positive amount of each bundle) is viewed as being strictly better than the third bundle.<ref name=Varian>[[Hal R. Varian]]; ''Intermediate Microeconomics A Modern Approach''. New York: W. W. Norton & Company. {{ISBN |0-393-92702-4}}</ref><ref name=Mas>[[Andreu Mas-Colell|Mas-Colell, Andreu]]; Whinston, Michael; & Green, Jerry (1995). ''Microeconomic Theory''. Oxford: Oxford University Press. {{ISBN |978-0-19-507340-9}}</ref>

== Alternative definition ==