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What is convexity in economics?

What is the function of convex in economics?

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2. ### Convexity in economics - Wikipedia

en.wikipedia.org/wiki/Convexity_in_economics

Convexity is an important topic in economics. In the Arrow–Debreu model of general economic equilibrium, agents have convex budget sets and convex preferences: At equilibrium prices, the budget hyperplane supports the best attainable indifference curve.

3. ### Convex - Wikipedia

en.wikipedia.org/wiki/Convexity

Convexity in economics Bond convexity , a measure of the sensitivity of the duration of a bond to changes in interest rates Convex preferences , an individual's ordering of various outcomes

4. ### Non-convexity (economics) - Wikipedia

en.wikipedia.org/wiki/Non-convexity_in_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 sets and on producers with convex production sets; for convex models, the predicted economic behavior is well understood.

5. ### Convexity in economics — Wikipedia Republished // WIKI 2

wiki2.org/en/Convexity_in_economics

Convexity is an important topic in economics. In the Arrow–Debreu model of general economic equilibrium, agents have convex budget sets and convex preferences: At equilibrium prices, the budget hyperplane supports the best attainable indifference curve. The profit function is the convex conjugate of the cost function. Convex analysis is the standard tool for analyzing textbook economics. Non ...

6. ### Non-convexity (economics) - Wikipedia

en.wikipedia.org/wiki/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 sets and on producers with convex production sets; for convex models, the predicted economic behavior is well understood.

7. ### Arrow–Debreu model - Wikipedia

en.wikipedia.org/wiki/Arrow–Debreu_model

The assumption of convexity precluded many applications, which were discussed in the Journal of Political Economy from 1959 to 1961 by Francis M. Bator, M. J. Farrell, Tjalling Koopmans, and Thomas J. Rothenberg. Ross M. Starr proved the existence of economic equilibria when some consumer preferences need not be convex.

8. ### Convex preferences - Wikipedia

en.wikipedia.org/wiki/Convex_preferences

In economics, convex preferences are an individual's ordering of various outcomes, typically with regard to the amounts of various goods consumed, with the property that, roughly speaking, "averages are better than the extremes".

9. ### Convex function - Wikipedia

en.wikipedia.org/wiki/Convex_function

A convex function of one real variable defined on some open interval C is continuous on C. f {\displaystyle f} admits left and right derivatives, and these are monotonically non-decreasing . As a consequence, f {\displaystyle f} is differentiable at all but at most countably many points.

10. ### Quasiconvex function - Wikipedia

en.wikipedia.org/wiki/Quasiconvex_function

In mathematics, a quasiconvex function is a real-valued function defined on an interval or on a convex subset of a real vector space such that the inverse image of any set of the form (− ∞,) is a convex set. For a function of a single variable, along any stretch of the curve the highest point is one of the endpoints.

11. ### Convex set - Wikipedia

en.wikipedia.org/wiki/Convex_set

Equivalently, a convex set or a convex region is a subset that intersect every line into a single line segment (possibly empty). For example, a solid cube is a convex set, but anything that is hollow or has an indent, for example, a crescent shape, is not convex. The boundary of a convex set is always a convex curve.