Convex preferences with their associated convex indifference mapping arise from quasi-concave utility functions, although these are not necessary for the analysis of preferences. For …

What Preferences have a Utility Representation? Theorem Only rational preferences relations can be represented by a utility function. Conversely, if X is finite, any rational preference relation …

The preference relation is convex if for all x ∈ X the set {y ∈ X : y x} is a convex set. Suppose that is convex and that u is a utility function representing . Then X ∈ {x : u(x) ≥ k} is a convex set for …

Jan 8, 2022 · How does convex preference imply quasi concave utility function (Intuitively and Mathematically)?

In Section 1 we analyse how the agent chooses among a number of competing alternatives, investigating when preferences can be represented by a utility function. In Section 2 we …

utility function is strictly quasi–concave if and only if the preferences represented by that utility function are strictly convex.

A utility function can have different shapes, for example, linear, quasi-convex, etc. In comparison, the shape of an indifference curve is downward sloping from left to right and is convex about …

It’s an easy slip-up to make to call the utility function itself convex (I’m sure I’ll do it in lecture from time to time!), and not really a big deal at this level; but if and when you go to graduate school, …

What if we choose to represent my preferences by a utility function with a really wide range,

May 1, 2019 · We have provided a general technique to obtain convex/concave utility and weighting functions. Fields of application include intertemporal choice, utilitarian welfare …