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Andrea Tellez
on Dec 01, 2024

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Mr.Surly consumes only two goods and hates them both.His utility function is U(x, y)=2max{x, y}.Mr.Surly has (weakly)convex preferences.

Convex Preferences

A set of consumer preferences that exhibit a specific property where mixtures of goods are preferred over singular extremes, displaying a curve outward towards the origin on a utility graph.

Weakly Convex

Describes a curve or set in geometry and mathematical functions that bulges outward less sharply than a perfectly convex shape, often applied in optimization problems.

  • Assess the impact of heterogeneous utility functions in shaping preference structures, encompassing convex, nonconvex, and linear formats.
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Monica ArosemenaDec 01, 2024
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