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convex preference

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  • Preference — (also called taste or penchant ) is a concept, used in the social sciences, particularly economics. It assumes a real or imagined choice between alternatives and the possibility of rank ordering of these alternatives, based on happiness,… …   Wikipedia

  • Convex preferences — 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 law of diminishing… …   Wikipedia

  • Convex — A convex set. The word convex means curving out or bulging outward, as opposed to concave. Convex or convexity may refer to: Mathematics: Convex set, a set of points containing all line segments between each pair of its points Convex function, a… …   Wikipedia

  • Convexity in economics — Economics …   Wikipedia

  • Fundamental theorems of welfare economics — There are two fundamental theorems of welfare economics. The first states that any competitive equilibrium or Walrasian equilibrium leads to an efficient allocation of resources. The second states the converse, that any efficient allocation can… …   Wikipedia

  • Non-convexity (economics) — In economics, non convexity refers to violations of the convexity assumptions of elementary economics. Basic economics textbooks concentrate on consumers with convex preferences (that do not prefer extremes to in between values) and convex budget …   Wikipedia

  • Indifference curve — In microeconomic theory, an indifference curve is a graph showing different bundles of goods, each measured as to quantity, between which a consumer is indifferent. That is, at each point on the curve, the consumer has no preference for one… …   Wikipedia

  • Western architecture — Introduction       history of Western architecture from prehistoric Mediterranean cultures to the present.       The history of Western architecture is marked by a series of new solutions to structural problems. During the period from the… …   Universalium

  • Life Sciences — ▪ 2009 Introduction Zoology       In 2008 several zoological studies provided new insights into how species life history traits (such as the timing of reproduction or the length of life of adult individuals) are derived in part as responses to… …   Universalium

  • Cooperative game — This article is about a part of game theory. For video gaming, see Cooperative gameplay. For the similar feature in some board games, see cooperative board game In game theory, a cooperative game is a game where groups of players ( coalitions )… …   Wikipedia

  • Mathematical economics — Economics …   Wikipedia

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