Convex preferences: Difference between revisions

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{{Short description|Concept in economics}}

{{Short description|An individual's ordering of various outcomes, with the property that "averages are better than the extremes".}}

In [[economics]], '''convex preferences''' are an individual's ordering of various outcomes, typically with regard to the amounts of various goods consumed, with the property that, roughly speaking, "averages are better than the extremes". The concept roughly corresponds to the concept of [[marginal utility#Diminishing marginal utility|diminishing marginal utility]] without requiring [[utility function]]s.