The preference relation is convex if and only if the upper preference sets (y) are convex

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The preference relation ≿ is convex if and only if the upper preference sets ≿(y) are convex for every y.

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Foundations of Mathematical Economics

ISBN: 978-0262531924

1st edition

Authors: Michael Carter

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Question Posted: May 02, 2016 11:31 AM

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The preference relation is convex if and only if the upper preference sets (y) are convex

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Assume is convex Choose any y and let x yThen x y Since is convex this implies that x 1 y ...View the full answer

Foundations of Mathematical Economics

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