Logconcavity versus Logconvexity: A Complete Characterization |
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Authors: | Mark Yuying An |
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Institution: | Department of Economics, Duke University, Durham, North Carolina, 27708-0097, f1 |
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Abstract: | This paper provides a complete characterization of logconcavity, an increasingly popular concept in the economics of uncertainty and information. New and known results are proven without assuming that density functions are differentiable. A systematic comparison between logconcavity and logconvexity is made and the source of the asymmetries between the two is investigated. The key difference is that logconcavity is preserved under one-sided integrations regardless of the types of distribution supports. This property, however, does not hold for logconvexity. Logconcavity for multivariate distributions is also discussed.Journal of Economic LiteratureClassification Number: D80. |
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