Convexity in economics
id:
convexity-in-economics-175-16836781
title:
Convexity in economics
text:
Convexity is a geometric property with a variety of applications in economics. Informally, an economic phenomenon is convex when "intermediates are better than extremes". For example, an economic agent with convex preferences prefers combinations of goods over having a lot of any one sort of good; this represents a kind of diminishing marginal utility of having more of the same good. Convexity is a key simplifying assumption in many economic models, as it leads to market behavior that is easy to
brand slug:
wiki
category slug:
encyclopedia
description:
Significant topic in economics
original url:
https://en.wikipedia.org/wiki/Convexity_in_economics
date created:
2011-01-26T21:45:11Z
date modified:
2024-09-03T10:19:29Z
main entity:
{"identifier":"Q5166531","url":"https://www.wikidata.org/entity/Q5166531"}
image:
fields total:
13
integrity:
15