Convex preferences: A new definition

• 成果类型: Article
• 署名作者: Richter, Michael; Rubinstein, Ariel
• 署名单位: University of London; Royal Holloway University London; Tel Aviv University; New York University
• 刊物名称: THEORETICAL ECONOMICS
• ISSN/ISSBN: 1933-6837
• DOI: 10.3982/TE3286
• 发表日期: 2019-11-01
• 页码: 1169-1183
• 关键词: Convex preferences; abstract convexity; maxmin utility

摘要

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.