In:
Theoretical Economics, The Econometric Society, Vol. 14, No. 4 ( 2019), p. 1169-1183
Abstract:
We suggest a concept of convexity of preferences that does not rely on any algebraic structure. A decision maker has in mind a set of orderings interpreted as evaluation criteria. A preference relation is defined to be convex when it satisfies the following condition: If, for each criterion, there is an element that is both inferior to b by the criterion and superior to a by the preference relation, then b is preferred to a . This definition generalizes the standard Euclidean definition of convex preferences. It is shown that under general conditions, any strict convex preference relation is represented by a maxmin of utility representations of the criteria. Some economic examples are provided.
Type of Medium:
Online Resource
ISSN:
1933-6837
Language:
English
Publisher:
The Econometric Society
Publication Date:
2019
detail.hit.zdb_id:
2398911-7
detail.hit.zdb_id:
2220447-7
