Convex Preferences
Definition
Mixes of bundles are weakly preferred to extreme bundles. Yields nicely behaved demand curves and ensures interior optima.
Example
If you like both coffee and tea, you prefer a mix to all of one — convex preferences.
Mixes of bundles are weakly preferred to extreme bundles. Yields nicely behaved demand curves and ensures interior optima.
If you like both coffee and tea, you prefer a mix to all of one — convex preferences.