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**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.**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 outcomesIn

**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.**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 ...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.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.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".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.

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.

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.