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Paige Moore
on Dec 01, 2024

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A person with utility function U(x, y)= 5 + y2 + 2x has nonconvex preferences.

Nonconvex Preferences

Preferences where an individual values mixtures of goods or services less than pure bundles, violating the convexity assumption in utility theory.

  • Investigate the influence of diverse utility functions on the formation of preference structures, such as convex, nonconvex, and linear.
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Desiree DordasDec 02, 2024
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