Convex preferences: Difference between revisions

Revision as of 02:54, 3 June 2017

Revision as of 18:47, 7 December 2017

Line 1:

In [[economics]], '''convex preferences''' is a property ofare an individual's ordering of various outcomes, whichtypically roughlywith correspondsregard to the ideaamounts 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.

== Notation ==