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Convex preferences
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<p>In <a href="/facts/Economics/HYctA2Dn">economics</a>, convex preferences are an individual's ordering of various outcomes, typically with regard to the amounts of various goods consumed, with the property that, roughly speaking, "averages are better than the extremes". The concept roughly corresponds to the concept of <a href="/facts/Marginal_utility/ElXNboxy">diminishing marginal utility</a> without requiring <a href="/facts/Utility_function/wlMDG74L">utility functions</a>. </p>