beginning of a school year, and I"m already having a bit of a problem with an economics question.
Can someone give an real life example where the preference of a consumer would be unlikely to satisfy the axiom of convexity?
I've been thinking all day but cannot give any examples. any hints or ideas?
Can someone give an real life example where the preference of a consumer would be unlikely to satisfy the axiom of convexity?
I've been thinking all day but cannot give any examples. any hints or ideas?
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