Approximation of convex preferences |
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Authors: | Yakar Kannai |
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Institution: | The Hebrew University, Jerusalem, Israel |
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Abstract: | It is shown geometrically that a monotone concave preference order can be approximated by orders representable by a concave utility function. This is applied to proving that preferences with ‘desirable’ properties (such as inducing smooth excess demand functions, analyticity, strict convexity) are dense. |
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