Convex preferences

In economics, convex preferences is a property of an individual's ordering of various outcomes which roughly corresponds to the idea that "averages are better than the extremes". The concept roughly corresponds to the concept of diminishing marginal utility without requiring utility functions.

Comparable to the greater-than-or-equal-to ordering relation ${\displaystyle \geq }$ for real numbers, the notation ${\displaystyle \succeq }$ below can be translated as: 'is at least as good as' (in preference satisfaction).

Similarly, ${\displaystyle \succ }$ can be translated as 'is strictly better than' (in preference satisfaction), and Similarly, ${\displaystyle \sim }$ can be translated as 'is equivalent to' (in preference satisfaction).

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