Convex preferences: A new definition

Michael Richter, Ariel Rubinstein

Research output: Contribution to journalArticlepeer-review

5 Scopus citations

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.

Original languageEnglish
Pages (from-to)1169-1183
Number of pages15
JournalTheoretical Economics
Volume14
Issue number4
DOIs
StatePublished - 1 Nov 2019

Keywords

  • C60
  • Convex preferences
  • D01
  • abstract convexity
  • maxmin utility

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