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Convexity in economics

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If a preference set is non‑convex, then some prices produce a budget supporting two different optimal consumption decisions. For example, we can imagine that, for zoos, a lion costs as much as an eagle, and further that a zoo's budget suffices for one eagle or one lion. We can suppose also that a
2383:, pp. 1967–1968) wrote that the "major methodological innovation in the general equilibrium analysis of firms with pricing rules" was "the introduction of the methods of non‑smooth analysis, as a of global analysis (differential topology) and convex analysis." According to 2721:
In Ellickson, page xviii, and especially Chapter 7 "Walras meets Nash" (especially section 7.4 "Nonconvexity" pages 306–310 and 312, and also 328–329) and Chapter 8 "What is Competition?" (pages 347 and 352):
2387:, p. 1966), "Non‑smooth analysis extends the local approximation of manifolds by tangent planes the analogous approximation of convex sets by tangent cones to sets" that can be non‑smooth or non‑convex. Economists have also used 2143:
by the budget constraint, as shown in the diagram. If the preference set is convex, then the consumer's set of optimal decisions is a convex set, for example, a unique optimal basket (or even a line segment of optimal baskets).
2363:. "Non‑convexities in production and consumption ... required mathematical tools that went beyond convexity, and further development had to await the invention of non‑smooth calculus" (for example, Francis Clarke's 2192:
zoo-keeper views either animal as equally valuable. In this case, the zoo would purchase either one lion or one eagle. Of course, a contemporary zoo-keeper does not want to purchase a half an eagle and a
1334:. For finite-dimensional vector spaces, the operations of vector addition and real-number multiplication can each be defined coordinate-wise, following the example of the Cartesian plane. 2246:" (markets dominated by one producer), non‑convexities remain important. Concerns with large producers exploiting market power in fact initiated the literature on non‑convex sets, when 5069: 960:
Convexity is a key simplifying assumption in many economic models, as it leads to market behavior that is easy to understand and which has desirable properties. For example, the
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Chapter 8 "Applications to economics", especially Section 8.5.3 "Enter nonconvexity" (and the remainder of the chapter), particularly page 495:
35: 4124: 3213:. with contributions by V. S. Bawa and David F. Bradford (Second ed.). Cambridge: Cambridge University Press. pp. x+299. 5055: 1034: 941:. Informally, an economic phenomenon is convex when "intermediates (or combinations) are better than extremes". For example, an economic agent with 2227:
results establish that non‑convexities are compatible with approximate equilibria in markets with many consumers; these results also apply to
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When consumer preferences have concavities, then the linear budgets need not support equilibria: Consumers can jump between allocations.
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of producers without competitors, clearly stimulating a literature on the supply-side of the economy. Non‑convex sets arise also with
4903: 4402: 3638: 3184:. Paris: Editions du Centre National de la Recherche Scientifique ed.). New York: Oxford University Press. pp. viii+165. 2791:. London Mathematical Society lecture note series. Vol. 62. Cambridge, New York: Cambridge University Press. pp. xi+145. 5159: 2324: 5251: 4100: 4062: 3904: 3862: 3828: 3797: 3766: 3735: 3566: 3481: 3358: 3218: 3189: 2977: 2903: 2868: 2830: 2796: 2759: 2733: 2705: 2667: 2637: 2597: 2560: 2522: 2492: 2458: 3526:. Grundlehren Series (Fundamental Principles of Mathematical Sciences). Vol. 331. Springer. pp. i–xxii and 1–610. 1170:
in which every point is identified by a list of two real numbers, called "coordinates", which are conventionally denoted by
4351: 4087:. Encyclopedia of mathematics and its applications. Vol. 44. Cambridge: Cambridge University Press. pp. xiv+490. 2890:. Studies in economic theory. Vol. 13. in cooperation with Pascal Gourdel. Berlin: Springer-Verlag. pp. xii+154. 5508: 3880:
Green, Jerry; Heller, Walter P. (1981). "1 Mathematical analysis and convexity with applications to economics". In
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The hyperplane in the theorem may not be unique, as noticed in the second picture on the right. If the closed set
1637:. The convex hull of a set can be equivalently defined to be the set of all convex combinations of points in  1593:
of two convex sets is a convex set. More generally, the intersection of a family of convex sets is a convex set.
5284: 5201: 3378:(1974). "Investment under private ownership: Optimality, equilibrium and stability". In Drèze, J. H. (ed.). 914: 2754:. Economic theory, econometrics, and mathematical economics. New York: Academic Press, Inc. . pp. x+164. 252: 3468:. Grundlehren der Mathematischen Wissenschaften . Vol. 317. Berlin: Springer-Verlag. pp. xiv+733. 1180: 514: 5513: 4594: 4395: 5304: 4888: 4840: 4528: 3597:. Handbooks in Economics. Vol. 1. Amsterdam: North-Holland Publishing Co. pp. 1963–1995 . 3209:; Oates, Wallace E. (1988). "8 Detrimental externalities and nonconvexities in the production set". 3137:(July 1938). "The General welfare in relation to problems of taxation and of railway and utility rates". 1167: 1051: 863: 83: 73: 5269: 4550: 4538: 4533: 4523: 1898: 1002:
The branch of mathematics which supplies the tools for convex functions and their properties is called
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Pages 112–113 in Section 7.2 "Convexification by numbers" (and more generally pp. 107–115):
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Pages 93–94 (especially example 1.92), 143, 318–319, 375–377, and 416:
2658:; Whinston, Michael D.; Green, Jerry R. (1995). "17.1 Large economies and nonconvexities". 2315: 2224: 2178: 2172: 2163:. (The meanings of "closed set" is explained below, in the subsection on optimization applications.) 1589: 980: 267: 3891:. Handbooks in economics. Vol. 1. Amsterdam: North-Holland Publishing Co. pp. 15–52. 3676: 5503: 5289: 5274: 5116: 4634: 4503: 4185: 1163: 836: 574: 529: 382: 151: 95: 27: 4012: 3974: 3808: 3777: 3746: 3715: 3546: 589: 5359: 5336: 5230: 5154: 5036: 4933: 4928: 4878: 4751: 4629: 4388: 4346: 2364: 2267: 1323: 539: 347: 337: 297: 287: 194: 117: 2629: 2623: 2450: 1047: 5438: 5354: 5279: 5206: 5191: 5144: 4953: 4913: 4908: 4690: 4661: 4518: 4247: 4146: 4046: 3671: 3457: 2228: 2220: 1461: 961: 709: 554: 292: 232: 189: 136: 5423: 5415: 5411: 5407: 5403: 5399: 2517:. Princeton studies in mathematical economics. Princeton University Press. pp. viii+251. 5498: 5211: 4898: 4883: 4599: 4318: 4053:. Princeton landmarks in mathematics (Reprint of the 1979 Princeton mathematical series  3634: 3265:(pages 33, 43, 48, 56, 70–72, 82, 147, and 234–236): 3234:
Starrett, David A. (1972). "Fundamental nonconvexities in the theory of externalities".
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Starr, Ross M. (2011). "8 Convex sets, separation theorems, and non‑convex sets in 
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Theorem C(6) on page 37 and applications on pages 115–116, 122, and 168:
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A convex set can have more than one supporting hyperplane at a given point on its boundary.
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Pages 52–55 with applications on pages 145–146, 152–153, and 274–275:
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Non‑convex sets have been incorporated in the theories of general economic equilibria, of
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Brown, Donald J. (1991). "36 Equilibrium analysis with non‑convex technologies". In
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For simplicity, we shall assume that the preferences of a consumer can be described by a
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is not convex, the statement of the theorem is not true at all points on the boundary of
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Economists have studied non‑convex sets using advanced mathematics, particularly
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Diewert, W. E. (1982). "12 Duality approaches to microeconomic theory". In
2286:). Such applications continued to motivate economists to study non‑convex sets. 1696:(the dashed line), and the half-space delimited by the hyperplane that contains 5456: 5364: 5225: 5124: 5001: 4741: 4700: 4619: 4411: 4237: 4028: 3990: 3952: 3820: 3789: 3758: 3727: 3558: 3461: 3433: 3206: 2955: 2943: 2400: 2212: 2204: 1122: 1099: 984: 814: 799: 764: 749: 729: 699: 519: 436: 126: 122: 3473: 2969: 2895: 2860: 549: 5492: 5240: 4923: 4823: 4814: 4785: 4771: 4761: 4705: 4469: 4459: 4449: 4092: 3881: 3839: 3350: 2697: 2432: 2356: 1506: 1418: 1381: 968:
posits that if preferences are convex and there is perfect competition, then
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Here, a closed half-space is the half-space that includes the hyperplane.
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Market demand: An analysis of large economies with nonconvex preferences
5374: 5344: 5106: 4678: 4430: 3323: 3299: 3275:. Cambridge economic handbooks. Cambridge: Cambridge University Press. 3158: 3112: 3065: 3029: 2613: 2436: 2160: 1892: 1822: 1728: 1654: 1360: 1146: 1106: 694: 494: 3639:"Intersecting families of sets and the topology of cones in economics" 3399:(1996). "6 Production in a finance economy, Section 31 Partnerships". 2320:
Relationship between subderivatives and non‑convexity remains cryptic.
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is convex; however, anything that is hollow or dented, for example, a
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The economics depends upon the following definitions and results from
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A supporting hyperplane containing a given point on the boundary of
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An optimal basket of goods occurs where the consumer's convex
4695: 4577: 4557: 4334: 3811:. In Durlauf, Steven N.; Blume, Lawrence E (eds.). 3780:. In Durlauf, Steven N.; Blume, Lawrence E (eds.). 3749:. In Durlauf, Steven N.; Blume, Lawrence E (eds.). 3718:. In Durlauf, Steven N.; Blume, Lawrence E (eds.). 2211:. These results are described in graduate-level textbooks in 5077: 3091:(1926). "The Laws of returns under competitive conditions". 2183: 1285:
More generally, any real vector space of (finite) dimension
4852: 4131: 3424:. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). 3345:. Cambridge: Cambridge University Press. pp. 261–297. 2555:(Economica, Paris) ed.). MIT Press. pp. 107–125. 3520:
Variational analysis and generalized differentiation 
2692:(Second ed.). Cambridge: Cambridge University Press. 2628:(3rd ed.). W. W. Norton & Company. pp.  2355:
Economists have increasingly studied non‑convex sets with
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is a geometric property with a variety of applications in
3815:(Second ed.). Palgrave Macmillan. pp. 815–816. 3784:(Second ed.). Palgrave Macmillan. pp. 551–555. 3753:(Second ed.). Palgrave Macmillan. pp. 220–225. 3722:(Second ed.). Palgrave Macmillan. pp. 225–226. 3553:(Second ed.). Palgrave Macmillan. pp. 354–365. 3549:. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). 2242:" (markets dominated by a few producers), especially in " 3947:(first ed.). Palgrave Macmillan. pp. 653–661. 3428:(first ed.). Palgrave Macmillan. pp. 653–661. 3403:. Cambridge, Massachusetts: MIT Press. pp. 329–425. 3380:
Allocation under Uncertainty: Equilibrium and Optimality
4057: ed.). Princeton, NJ: Princeton University Press. 2654: 3261:
Starrett discusses non‑convexities in his textbook on
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Mathematical methods for economic theory: Volume 
3302:(1968). "Competitive equilibrium under uncertainty". 3008:(1975). "Pareto optimality in non‑convex economies". 2999: 2997: 2075: 2055: 2025: 2005: 1980: 1974:
then there exists a supporting hyperplane containing
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if, for each pair of its points, every point on the
2262:in 1938. Both Sraffa and Hotelling illuminated the 1551:
for some indexed set of non‑negative real numbers {
3268: 2994: 2617: 2585: 2440: 2081: 2061: 2042:as illustrated in the third picture on the right. 2034: 2011: 1989: 1966: 1939: 1919: 1883: 1839: 1813: 1790: 1754: 1708: 1688: 1668: 1630:) is the intersection of all the convex sets that 4123:: CS1 maint: DOI inactive as of September 2024 ( 4023:(first ed.). Palgrave Macmillan. p. 1. 3985:(first ed.). Palgrave Macmillan. p. 1. 5490: 3886:Handbook of mathematical economics, Volume  3844:Handbook of mathematical economics, Volume  3592:Handbook of mathematical economics, Volume  2886:Florenzano, Monique; Le Van, Cuong (2001). 2885: 2726:Competitive equilibrium: Theory and applications 2223:, and applied mathematics (for economists). The 1854: 1587:The definition of a convex set implies that the 3456: 2368: 2102:The consumer prefers the vector of goods ( 1358:In a real vector space, a set is defined to be 4084:Convex bodies: The Brunn–Minkowski theory 3343:Essays on economic decisions under uncertainty 3182:Rendements croissants et efficacitĂ© economique 2553:MicroĂ©conomie: Les dĂ©faillances du marchĂ© 2481:The Theory of General Economic Equilibrium: A 5063: 4396: 4147: 3720:The New Palgrave Dictionary of Economics 3646:Bulletin of the American Mathematical Society 3506: 3394: 2888:Finite dimensional convexity and optimization 2662:. Oxford University Press. pp. 627–630. 2547:SalaniĂ©, Bernard (2000). "7 Nonconvexities". 915: 3633: 3514: 2787:(1981). "Appendix A Convex sets". 2372: 4045: 4021:The New Palgrave: A Dictionary of Economics 3983:The New Palgrave: A Dictionary of Economics 3945:The New Palgrave: A Dictionary of Economics 3879: 3426:The New Palgrave: A Dictionary of Economics 3205: 2728:. Cambridge University Press. p. 420. 2690:General equilibrium theory: An introduction 2509: 1178:. Two points in the Cartesian plane can be 5070: 5056: 4403: 4389: 4154: 4140: 3928: 3413: 2551:(English translation of the (1998) French 2475: 2442:"Appendix B: Convex and related sets" 2413: 922: 908: 4080: 3675: 3657: 3133: 3043: 3004: 2723: 2431: 2343:Learn how and when to remove this message 1904: 1847:has at least one point on the hyperplane. 1778: 1070:Learn how and when to remove this message 1006:; non-convex phenomena are studied under 3813:The New Palgrave Dictionary of Economics 3806: 3782:The New Palgrave Dictionary of Economics 3751:The New Palgrave Dictionary of Economics 3551:The New Palgrave Dictionary of Economics 3266: 3233: 2749: 2748:Theorem 1.6.5 on pages 24–25: 2182: 2097: 2044: 1858: 1825:half-spaces determined by the hyperplane 1821:is entirely contained in one of the two 1648: 1341: 953:sort of good; this represents a kind of 5160:Locally convex topological vector space 4007: 3969: 3884:; Intriligator, Michael D (eds.). 3842:; Intriligator, Michael D (eds.). 3837: 3172: 2959: 2783: 2576: 2546: 2419: 1035:not related to the topic of the article 5491: 3775: 3744: 3710: 3298: 3087: 2820: 2612: 2515:Core and equilibria of a large economy 2430:Pages 392–399 and page 188: 1676:(in pink), a supporting hyperplane of 5051: 4384: 4135: 4015:. In Eatwell, John; Milgate, Murray; 3977:. In Eatwell, John; Milgate, Murray; 3939:. In Eatwell, John; Milgate, Murray; 3581: 3374: 3337: 2847: 2823:Foundations of mathematical economics 2683: 2384: 2380: 2289: 2250:wrote about on firms with increasing 1350:of the red set, each blue point is a 1089: 4352:List of differential geometry topics 3925:, McGraw-Hill, Inc., New York, 1995. 3544: 3538: 3407: 3382:. New York: Wiley. pp. 129–165. 2682:Page 169 in the first edition: 2376: 2293: 1017: 976:for every commodity in the economy. 3044:Guesnerie, Roger (1975). "Errata". 1798:if it meets both of the following: 1498:, . . . ,  13: 4959:Microfoundations of macroeconomics 4410: 3211:The Theory of environmental policy 3204:Pages 106, 110–137, 172, and 248: 957:of having more of the same good. 949:of goods over having a lot of any 14: 5525: 3776:Blume, Lawrence E. (2008c). 3745:Blume, Lawrence E. (2008b). 3178:Increasing returns and efficiency 2752:Game theory for economic analysis 2549:Microeconomics of market failures 1920:{\displaystyle \mathbb {R} ^{n},} 1645:Duality: Intersecting half-spaces 1372:by the set. For example, a solid 1116:connecting any two of its points. 5032: 5031: 5020: 4365: 4364: 3401:The Theory of incomplete markets 3267:Starrett, David A. (1988). 2588:Fundamentals of public economics 2479:(1985). "1.L Averages of sets". 2298: 2166: 1791:{\displaystyle \mathbb {R} ^{n}} 1121: 1098: 1022: 1013: 889: 877: 62: 5265:Ekeland's variational principle 3686:10.1090/S0273-0979-1993-00439-7 3627: 3575: 3450: 3387: 3330: 3292: 3271:Foundations of public economics 3227: 3198: 3180:(Revised translation of (1988) 3165: 3127: 3081: 2928: 1468:is convex if and only if every 1332:multiplication by a real number 164:Concepts, theory and techniques 2825:. MIT Press. pp. xx+649. 2813: 2776: 2742: 2676: 2619:"21.2 Convexity and size" 2606: 2569: 2539: 2424: 2215:, general equilibrium theory, 1596: 1337: 1038: and should be moved to 16:Significant topic in economics 1: 3897:10.1016/S1573-4382(81)01005-9 3855:10.1016/S1573-4382(82)02007-4 3704: 3603:10.1016/S1573-4382(05)80011-6 2848:Moore, James C. (1999). 2369:Rockafellar & Wets (1998) 1855:Supporting hyperplane theorem 1395:is convex if, for all points 1050:or discuss this issue on the 4161: 4047:Rockafellar, R. Tyrrell 3458:Rockafellar, R. Tyrrell 3287:nonconvex OR nonconvexities. 3248:10.1016/0022-0531(72)90148-2 2789:Economics for mathematicians 2447:General competitive analysis 2093: 1605:of a real vector space, its 966:general economic equilibrium 955:diminishing marginal utility 7: 5285:Hermite–Hadamard inequality 4904:Civil engineering economics 4889:Statistical decision theory 4529:Income elasticity of demand 2785:Cassels, J. W. S. 2394: 2367:calculus), as described by 2318:. The specific problem is: 1505:} of a vector space is any 1484:of an indexed subset { 1168:Cartesian coordinate system 10: 5530: 5509:General equilibrium theory 4539:Price elasticity of supply 4534:Price elasticity of demand 4524:Cross elasticity of demand 4029:10.1057/9780230226203.2412 3991:10.1057/9780230226203.2282 3953:10.1057/9780230226203.3173 3882:Arrow, Kenneth Joseph 3840:Arrow, Kenneth Joseph 3821:10.1057/9780230226203.1375 3790:10.1057/9780230226203.0411 3759:10.1057/9780230226203.0314 3728:10.1057/9780230226203.0315 3559:10.1057/9780230226203.1267 3545:Khan, M. Ali (2008). 3434:10.1057/9780230226203.3173 3236:Journal of Economic Theory 2750:Ichiishi, Tatsuro (1983). 2176: 2170: 1735:. A hyperplane is said to 1413:and for every real number 1322: } together with two 1136:joining two of its points. 1128:A non‑convex set fails to 5470: 5437: 5392: 5323: 5249: 5173: 5115: 5089: 5015: 4982: 4861: 4418: 4360: 4327: 4296: 4246: 4194: 4169: 3474:10.1007/978-3-642-02431-3 3373:(Originally published as 2970:10.1007/978-3-642-46488-1 2896:10.1007/978-3-642-56522-9 2861:10.1007/978-3-662-08544-8 2724:Ellickson, Bryan (1994). 2173:Non-convexity (economics) 2155:, which implies that the 1731:divides a space into two 1622:convex set that contains 1293:of all possible lists of 5471:Applications and related 5275:Fenchel-Young inequality 4595:Income–consumption curve 4093:10.1017/CBO9780511526282 4081:Schneider, Rolf (1993). 3807:Crouzeix, J.-P. (2008). 3351:10.1017/CBO9780511559464 2960:Trockel, Walter (1984). 2821:Carter, Michael (2001). 2698:10.1017/CBO9781139174749 2406: 1248:further, a point can be 152:JEL classification codes 29:JEL classification codes 5231:Legendre transformation 5155:Legendre transformation 4929:Industrial organization 4347:List of geometry topics 4095:(inactive 2024-09-13). 3712:Blume, Lawrence E. 3207:Baumol, William J. 338:Industrial organization 195:Computational economics 5478:Convexity in economics 5412:(lower) ideally convex 5270:Fenchel–Moreau theorem 5260:CarathĂ©odory's theorem 3516:Mordukhovich, Boris S. 3376:Drèze, Jacques H. 3339:Drèze, Jacques H. 2625:Microeconomic Analysis 2433:Arrow, Kenneth J. 2221:mathematical economics 2188: 2132: 2090: 2083: 2063: 2036: 2013: 1991: 1968: 1941: 1921: 1885: 1864: 1841: 1815: 1792: 1756: 1717: 1710: 1690: 1670: 1462:mathematical induction 1380:shape, is non‑convex. 1355: 190:Experimental economics 23:Convexity in economics 5400:Convex series related 5300:Shapley–Folkman lemma 4899:Engineering economics 4494:Cost–benefit analysis 4319:Differential geometry 3921:Luenberger, David G. 3547:"Perfect competition" 2936:differential geometry 2782:Pages 127 and 33–34: 2578:Laffont, Jean-Jacques 2276:information economics 2260:marginal cost pricing 2254:in 1926, after which 2225:Shapley–Folkman lemma 2186: 2179:Shapley–Folkman lemma 2101: 2084: 2064: 2048: 2037: 2014: 1992: 1969: 1942: 1922: 1886: 1862: 1842: 1816: 1793: 1757: 1721:Supporting hyperplane 1711: 1691: 1671: 1652: 1428:(1 −  1391:More formally, a set 1345: 1289:can be viewed as the 1033:may contain material 5290:Krein–Milman theorem 5083:variational analysis 4716:Price discrimination 4610:Intertemporal choice 3923:Microeconomic Theory 3747:"Convex programming" 3466:Variational analysis 3462:Wets, Roger J-B 2660:Microeconomic theory 2359:, which generalizes 2325:improve this section 2314:to meet Knowledge's 2229:production economies 2073: 2053: 2023: 2003: 1978: 1955: 1931: 1899: 1875: 1831: 1805: 1773: 1746: 1700: 1680: 1660: 1536:+ . . . + 1254:by each real number 1048:improve this section 417:Social choice theory 5514:Convex optimization 5280:Jensen's inequality 5150:Lagrange multiplier 5140:Convex optimization 5135:Convex metric space 5027:Business portal 4964:Operations research 4791:Substitution effect 3668:1993math.....10228C 3584:Hildenbrand, Werner 2614:Varian, Hal R. 2511:Hildenbrand, Werner 2437:Hahn, Frank H. 2373:Mordukhovich (2006) 2268:environmental goods 2153:continuous function 1480:. By definition, a 1368:that joins them is 1354:of some red points. 983:is associated with 884:Business portal 205:Operations research 185:National accounting 26:is included in the 5408:(cs, bcs)-complete 5379:Algebraic interior 5097:Convex combination 4605:Indifference curve 4573:Goods and services 4514:Economies of scope 4509:Economies of scale 4314:Algebraic geometry 3588:Sonnenschein, Hugo 2952:integration theory 2656:Mas–Colell, Andreu 2582:"3 Nonconvexities" 2575:Pages 63–65: 2477:Mas-Colell, Andreu 2389:algebraic topology 2357:nonsmooth analysis 2290:Nonsmooth analysis 2284:incomplete markets 2189: 2133: 2122:indifference curve 2091: 2079: 2059: 2035:{\displaystyle S,} 2032: 2009: 1990:{\displaystyle x.} 1987: 1967:{\displaystyle S,} 1964: 1947:is a point on the 1937: 1917: 1881: 1865: 1837: 1811: 1788: 1752: 1718: 1706: 1686: 1666: 1482:convex combination 1470:convex combination 1356: 1352:convex combination 1090:Real vector spaces 1008:nonsmooth analysis 970:aggregate supplies 962:Arrow–Debreu model 943:convex preferences 215:Industrial complex 210:Middle income trap 5486: 5485: 5045: 5044: 5007:Political economy 4806:Supply and demand 4686:Pareto efficiency 4378: 4377: 4102:978-0-521-35220-8 4064:978-0-691-01586-6 3906:978-0-444-86126-9 3864:978-0-444-86127-6 3830:978-0-333-78676-5 3809:"Quasi-concavity" 3799:978-0-333-78676-5 3768:978-0-333-78676-5 3737:978-0-333-78676-5 3568:978-0-333-78676-5 3483:978-3-540-62772-2 3395:Magill, Michael; 3360:978-0-521-26484-6 3220:978-0-521-31112-0 3191:978-0-19-506553-4 3135:Hotelling, Harold 2979:978-3-540-12881-6 2905:978-3-540-41516-9 2870:978-3-540-66235-8 2832:978-0-262-53192-4 2798:978-0-521-28614-5 2761:978-0-12-370180-0 2735:978-0-521-31988-1 2707:978-0-521-53386-7 2669:978-0-19-507340-9 2639:978-0-393-95735-8 2599:978-0-262-12127-9 2562:978-0-262-19443-3 2524:978-0-691-04189-6 2494:978-0-521-26514-0 2460:978-0-444-85497-1 2365:locally Lipschitz 2353: 2352: 2345: 2316:quality standards 2307:This section may 2082:{\displaystyle S} 2069:may not exist if 2062:{\displaystyle S} 2012:{\displaystyle S} 1940:{\displaystyle x} 1884:{\displaystyle S} 1840:{\displaystyle S} 1814:{\displaystyle S} 1755:{\displaystyle S} 1716:(in light blue). 1709:{\displaystyle S} 1689:{\displaystyle S} 1669:{\displaystyle S} 1601:For every subset 1558:} satisfying the 1258:coordinate-wise 1080: 1079: 1072: 993:market equilibria 989:supply and demand 974:aggregate demands 932: 931: 5521: 5404:(cs, lcs)-closed 5350:Effective domain 5305:Robinson–Ursescu 5181:Convex conjugate 5072: 5065: 5058: 5049: 5048: 5035: 5034: 5025: 5024: 4767:Returns to scale 4625:Market structure 4405: 4398: 4391: 4382: 4381: 4368: 4367: 4156: 4149: 4142: 4133: 4132: 4128: 4122: 4114: 4076: 4042: 4004: 3966: 3938: 3918: 3876: 3834: 3803: 3772: 3741: 3698: 3697: 3679: 3661: 3643: 3635:Chichilnisky, G. 3631: 3625: 3624: 3579: 3573: 3572: 3542: 3536: 3535: 3510: 3504: 3503: 3454: 3448: 3447: 3423: 3411: 3405: 3404: 3397:Quinzii, Martine 3391: 3385: 3383: 3372: 3334: 3328: 3327: 3296: 3290: 3289: 3274: 3263:public economics 3259: 3231: 3225: 3224: 3202: 3196: 3195: 3174:Quinzii, Martine 3169: 3163: 3162: 3131: 3125: 3124: 3099:(144): 535–550. 3093:Economic Journal 3085: 3079: 3077: 3041: 3006:Guesnerie, Roger 3001: 2992: 2991: 2932: 2926: 2925: 2882: 2844: 2817: 2811: 2810: 2780: 2774: 2773: 2746: 2740: 2739: 2719: 2680: 2674: 2673: 2651: 2621: 2610: 2604: 2603: 2591: 2573: 2567: 2566: 2543: 2537: 2536: 2506: 2472: 2444: 2428: 2422: 2417: 2348: 2341: 2337: 2334: 2328: 2302: 2301: 2294: 2256:Harold Hotelling 2252:returns to scale 2231:with many small 2209:public economics 2195: 2149:utility function 2088: 2086: 2085: 2080: 2068: 2066: 2065: 2060: 2041: 2039: 2038: 2033: 2018: 2016: 2015: 2010: 1996: 1994: 1993: 1988: 1973: 1971: 1970: 1965: 1946: 1944: 1943: 1938: 1926: 1924: 1923: 1918: 1913: 1912: 1907: 1890: 1888: 1887: 1882: 1846: 1844: 1843: 1838: 1820: 1818: 1817: 1812: 1797: 1795: 1794: 1789: 1787: 1786: 1781: 1761: 1759: 1758: 1753: 1723:is a concept in 1715: 1713: 1712: 1707: 1695: 1693: 1692: 1687: 1675: 1673: 1672: 1667: 1617: 1584: = 1. 1583: 1550: 1507:weighted average 1476:also belongs to 1423: 1321: 1184:coordinate-wise 1132:a point in some 1125: 1102: 1075: 1068: 1064: 1061: 1055: 1026: 1025: 1018: 991:differ or where 924: 917: 910: 896:Money portal 894: 893: 892: 882: 881: 378:Natural resource 170:Economic systems 66: 43: 42: 30: 25: 5529: 5528: 5524: 5523: 5522: 5520: 5519: 5518: 5504:Convex geometry 5489: 5488: 5487: 5482: 5466: 5433: 5388: 5319: 5245: 5236:Semi-continuity 5221:Convex function 5202:Logarithmically 5169: 5130:Convex geometry 5111: 5102:Convex function 5085: 5079:Convex analysis 5076: 5046: 5041: 5019: 5011: 4978: 4857: 4499:Deadweight loss 4436:Consumer choice 4414: 4409: 4379: 4374: 4356: 4323: 4292: 4249: 4242: 4197: 4190: 4165: 4160: 4116: 4115: 4103: 4065: 4051:Convex analysis 4039: 4001: 3963: 3936: 3934:"Non‑convexity" 3907: 3865: 3831: 3800: 3769: 3738: 3707: 3702: 3701: 3677:10.1.1.234.3909 3641: 3632: 3628: 3613: 3580: 3576: 3569: 3543: 3539: 3513: 3511: 3507: 3484: 3455: 3451: 3444: 3421: 3419:"Non‑convexity" 3412: 3408: 3392: 3388: 3361: 3335: 3331: 3316:10.2307/1909602 3297: 3293: 3283: 3260: 3232: 3228: 3221: 3203: 3199: 3192: 3170: 3166: 3151:10.2307/1907054 3132: 3128: 3105:10.2307/2959866 3086: 3082: 3058:10.2307/1911353 3022:10.2307/1913410 3002: 2995: 2980: 2933: 2929: 2906: 2883: 2871: 2845: 2833: 2818: 2814: 2799: 2781: 2777: 2762: 2747: 2743: 2736: 2720: 2708: 2681: 2677: 2670: 2652: 2640: 2611: 2607: 2600: 2574: 2570: 2563: 2544: 2540: 2525: 2507: 2495: 2473: 2461: 2429: 2425: 2418: 2414: 2409: 2397: 2375:, according to 2361:convex analysis 2349: 2338: 2332: 2329: 2322: 2303: 2299: 2292: 2205:market failures 2193: 2181: 2175: 2169: 2157:preference sets 2130: 2119: 2110: 2096: 2074: 2071: 2070: 2054: 2051: 2050: 2024: 2021: 2020: 2004: 2001: 2000: 1979: 1976: 1975: 1956: 1953: 1952: 1932: 1929: 1928: 1908: 1903: 1902: 1900: 1897: 1896: 1876: 1873: 1872: 1871:states that if 1857: 1832: 1829: 1828: 1806: 1803: 1802: 1782: 1777: 1776: 1774: 1771: 1770: 1747: 1744: 1743: 1701: 1698: 1697: 1681: 1678: 1677: 1661: 1658: 1657: 1647: 1606: 1599: 1582: 1575: 1568: 1562: 1557: 1548: 1542: 1535: 1529: 1522: 1516: 1510: 1504: 1497: 1490: 1445: 1438: 1421: 1408: 1401: 1340: 1328:vector addition 1319: 1312: 1305: 1298: 1243: 1236: 1229: 1222: 1215: 1208: 1201: 1194: 1166:may be given a 1153: 1152: 1151: 1150: 1139: 1138: 1137: 1126: 1118: 1117: 1103: 1092: 1084:convex geometry 1076: 1065: 1059: 1056: 1045: 1041:convex analysis 1027: 1023: 1016: 1004:convex analysis 985:market failures 928: 890: 888: 876: 869: 868: 839: 829: 828: 827: 826: 590:von Böhm-Bawerk 478: 467: 466: 228: 220: 219: 175:Economic growth 165: 157: 156: 98: 96:classifications 41: 40: 39: 28: 21: 17: 12: 11: 5: 5527: 5517: 5516: 5511: 5506: 5501: 5484: 5483: 5481: 5480: 5474: 5472: 5468: 5467: 5465: 5464: 5459: 5457:Strong duality 5454: 5449: 5443: 5441: 5435: 5434: 5432: 5431: 5396: 5394: 5390: 5389: 5387: 5386: 5381: 5372: 5367: 5365:John ellipsoid 5362: 5357: 5352: 5347: 5333: 5327: 5325: 5321: 5320: 5318: 5317: 5312: 5307: 5302: 5297: 5292: 5287: 5282: 5277: 5272: 5267: 5262: 5256: 5254: 5252:results (list) 5247: 5246: 5244: 5243: 5238: 5233: 5228: 5226:Invex function 5223: 5214: 5209: 5204: 5199: 5194: 5188: 5183: 5177: 5175: 5171: 5170: 5168: 5167: 5162: 5157: 5152: 5147: 5142: 5137: 5132: 5127: 5125:Choquet theory 5121: 5119: 5113: 5112: 5110: 5109: 5104: 5099: 5093: 5091: 5090:Basic concepts 5087: 5086: 5075: 5074: 5067: 5060: 5052: 5043: 5042: 5040: 5039: 5029: 5016: 5013: 5012: 5010: 5009: 5004: 5002:Macroeconomics 4999: 4998: 4997: 4986: 4984: 4980: 4979: 4977: 4976: 4971: 4966: 4961: 4956: 4951: 4946: 4941: 4936: 4931: 4926: 4921: 4916: 4911: 4906: 4901: 4896: 4891: 4886: 4881: 4876: 4871: 4865: 4863: 4859: 4858: 4856: 4855: 4850: 4849: 4848: 4843: 4833: 4828: 4827: 4826: 4817: 4803: 4798: 4793: 4788: 4779: 4774: 4769: 4764: 4759: 4754: 4749: 4744: 4739: 4738: 4737: 4732: 4723: 4718: 4713: 4708: 4703: 4701:Price controls 4693: 4688: 4683: 4682: 4681: 4676: 4671: 4666: 4665: 4664: 4659: 4649: 4644: 4643: 4642: 4637: 4622: 4620:Market failure 4617: 4612: 4607: 4602: 4597: 4592: 4587: 4586: 4585: 4580: 4570: 4565: 4560: 4555: 4554: 4553: 4543: 4542: 4541: 4536: 4531: 4526: 4516: 4511: 4506: 4501: 4496: 4491: 4490: 4489: 4484: 4479: 4474: 4473: 4472: 4462: 4457: 4447: 4438: 4433: 4428: 4422: 4420: 4416: 4415: 4412:Microeconomics 4408: 4407: 4400: 4393: 4385: 4376: 4375: 4373: 4372: 4361: 4358: 4357: 4355: 4354: 4349: 4344: 4343: 4342: 4331: 4329: 4325: 4324: 4322: 4321: 4316: 4311: 4306: 4300: 4298: 4294: 4293: 4291: 4290: 4285: 4280: 4275: 4270: 4265: 4260: 4254: 4252: 4248:Non-Euclidean 4244: 4243: 4241: 4240: 4238:Solid geometry 4235: 4234: 4233: 4228: 4221:Plane geometry 4218: 4213: 4208: 4202: 4200: 4192: 4191: 4189: 4188: 4183: 4182: 4181: 4170: 4167: 4166: 4159: 4158: 4151: 4144: 4136: 4130: 4129: 4101: 4078: 4063: 4043: 4037: 4005: 3999: 3967: 3961: 3930:Mas-Colell, A. 3926: 3919: 3905: 3877: 3863: 3835: 3829: 3804: 3798: 3773: 3767: 3742: 3736: 3706: 3703: 3700: 3699: 3652:(2): 189–207. 3648:. New Series. 3626: 3611: 3574: 3567: 3537: 3524:: Applications 3505: 3482: 3449: 3442: 3415:Mas-Colell, A. 3406: 3386: 3359: 3329: 3291: 3281: 3242:(2): 180–199. 3226: 3219: 3197: 3190: 3164: 3145:(3): 242–269. 3126: 3080: 2993: 2978: 2956:ergodic theory 2944:Baire category 2927: 2904: 2869: 2831: 2812: 2797: 2775: 2760: 2741: 2734: 2706: 2675: 2668: 2638: 2605: 2598: 2568: 2561: 2538: 2523: 2493: 2483:Differentiable 2459: 2423: 2420:Newman (1987c) 2411: 2410: 2408: 2405: 2404: 2403: 2401:Convex duality 2396: 2393: 2351: 2350: 2306: 2304: 2297: 2291: 2288: 2213:microeconomics 2171:Main article: 2168: 2165: 2137:preference set 2128: 2115: 2106: 2095: 2092: 2089:is not convex. 2078: 2058: 2031: 2028: 2008: 1986: 1983: 1963: 1960: 1936: 1916: 1911: 1906: 1880: 1856: 1853: 1849: 1848: 1836: 1826: 1810: 1785: 1780: 1751: 1705: 1685: 1665: 1646: 1643: 1598: 1595: 1580: 1573: 1566: 1555: 1546: 1540: 1533: 1527: 1520: 1514: 1502: 1495: 1488: 1472:of members of 1447: 1446: 1443: 1436: 1406: 1399: 1339: 1336: 1317: 1310: 1303: 1283: 1282: 1246: 1245: 1241: 1234: 1227: 1220: 1213: 1206: 1199: 1192: 1141: 1140: 1127: 1120: 1119: 1104: 1097: 1096: 1095: 1094: 1093: 1091: 1088: 1078: 1077: 1030: 1028: 1021: 1015: 1012: 930: 929: 927: 926: 919: 912: 904: 901: 900: 899: 898: 886: 871: 870: 867: 866: 861: 851: 846: 840: 835: 834: 831: 830: 825: 824: 817: 812: 807: 802: 797: 792: 787: 782: 777: 772: 767: 762: 757: 752: 747: 742: 737: 732: 727: 722: 717: 712: 707: 702: 697: 692: 687: 682: 677: 672: 667: 662: 657: 652: 647: 642: 637: 632: 627: 622: 617: 612: 607: 602: 597: 592: 587: 582: 577: 572: 567: 562: 557: 552: 547: 542: 537: 532: 527: 522: 517: 512: 507: 502: 497: 492: 487: 481: 480: 479: 473: 472: 469: 468: 465: 464: 459: 454: 449: 444: 439: 434: 429: 424: 419: 410: 405: 400: 395: 390: 385: 383:Organizational 380: 375: 370: 365: 360: 355: 350: 345: 340: 335: 330: 325: 320: 315: 310: 305: 300: 295: 290: 285: 280: 275: 270: 265: 260: 255: 250: 245: 240: 235: 229: 227:By application 226: 225: 222: 221: 218: 217: 212: 207: 202: 197: 192: 187: 182: 177: 172: 166: 163: 162: 159: 158: 155: 154: 149: 144: 139: 134: 129: 120: 115: 110: 105: 99: 93: 92: 89: 88: 87: 86: 81: 76: 68: 67: 59: 58: 52: 51: 20: 19: 18: 15: 9: 6: 4: 3: 2: 5526: 5515: 5512: 5510: 5507: 5505: 5502: 5500: 5497: 5496: 5494: 5479: 5476: 5475: 5473: 5469: 5463: 5460: 5458: 5455: 5453: 5450: 5448: 5445: 5444: 5442: 5440: 5436: 5429: 5427: 5421: 5419: 5413: 5409: 5405: 5401: 5398: 5397: 5395: 5391: 5385: 5382: 5380: 5376: 5373: 5371: 5368: 5366: 5363: 5361: 5358: 5356: 5353: 5351: 5348: 5346: 5342: 5338: 5334: 5332: 5329: 5328: 5326: 5322: 5316: 5313: 5311: 5308: 5306: 5303: 5301: 5298: 5296: 5295:Mazur's lemma 5293: 5291: 5288: 5286: 5283: 5281: 5278: 5276: 5273: 5271: 5268: 5266: 5263: 5261: 5258: 5257: 5255: 5253: 5248: 5242: 5241:Subderivative 5239: 5237: 5234: 5232: 5229: 5227: 5224: 5222: 5218: 5215: 5213: 5210: 5208: 5205: 5203: 5200: 5198: 5195: 5193: 5189: 5187: 5184: 5182: 5179: 5178: 5176: 5172: 5166: 5163: 5161: 5158: 5156: 5153: 5151: 5148: 5146: 5143: 5141: 5138: 5136: 5133: 5131: 5128: 5126: 5123: 5122: 5120: 5118: 5117:Topics (list) 5114: 5108: 5105: 5103: 5100: 5098: 5095: 5094: 5092: 5088: 5084: 5080: 5073: 5068: 5066: 5061: 5059: 5054: 5053: 5050: 5038: 5030: 5028: 5023: 5018: 5017: 5014: 5008: 5005: 5003: 5000: 4996: 4993: 4992: 4991: 4988: 4987: 4985: 4981: 4975: 4972: 4970: 4967: 4965: 4962: 4960: 4957: 4955: 4952: 4950: 4947: 4945: 4942: 4940: 4937: 4935: 4934:Institutional 4932: 4930: 4927: 4925: 4922: 4920: 4917: 4915: 4912: 4910: 4907: 4905: 4902: 4900: 4897: 4895: 4892: 4890: 4887: 4885: 4882: 4880: 4879:Computational 4877: 4875: 4872: 4870: 4867: 4866: 4864: 4860: 4854: 4851: 4847: 4844: 4842: 4839: 4838: 4837: 4834: 4832: 4829: 4825: 4824:Law of supply 4821: 4818: 4816: 4815:Law of demand 4812: 4809: 4808: 4807: 4804: 4802: 4801:Social choice 4799: 4797: 4794: 4792: 4789: 4787: 4786:Excess supply 4783: 4780: 4778: 4775: 4773: 4772:Risk aversion 4770: 4768: 4765: 4763: 4760: 4758: 4755: 4753: 4750: 4748: 4745: 4743: 4740: 4736: 4733: 4731: 4727: 4724: 4722: 4719: 4717: 4714: 4712: 4709: 4707: 4706:Price ceiling 4704: 4702: 4699: 4698: 4697: 4694: 4692: 4689: 4687: 4684: 4680: 4677: 4675: 4672: 4670: 4667: 4663: 4662:Complementary 4660: 4658: 4655: 4654: 4653: 4650: 4648: 4645: 4641: 4638: 4636: 4633: 4632: 4631: 4628: 4627: 4626: 4623: 4621: 4618: 4616: 4613: 4611: 4608: 4606: 4603: 4601: 4598: 4596: 4593: 4591: 4588: 4584: 4581: 4579: 4576: 4575: 4574: 4571: 4569: 4566: 4564: 4561: 4559: 4556: 4552: 4549: 4548: 4547: 4544: 4540: 4537: 4535: 4532: 4530: 4527: 4525: 4522: 4521: 4520: 4517: 4515: 4512: 4510: 4507: 4505: 4502: 4500: 4497: 4495: 4492: 4488: 4485: 4483: 4480: 4478: 4475: 4471: 4468: 4467: 4466: 4463: 4461: 4458: 4456: 4453: 4452: 4451: 4448: 4446: 4445:non-convexity 4442: 4439: 4437: 4434: 4432: 4429: 4427: 4424: 4423: 4421: 4417: 4413: 4406: 4401: 4399: 4394: 4392: 4387: 4386: 4383: 4371: 4363: 4362: 4359: 4353: 4350: 4348: 4345: 4341: 4338: 4337: 4336: 4333: 4332: 4330: 4326: 4320: 4317: 4315: 4312: 4310: 4307: 4305: 4302: 4301: 4299: 4295: 4289: 4286: 4284: 4281: 4279: 4276: 4274: 4271: 4269: 4266: 4264: 4261: 4259: 4256: 4255: 4253: 4251: 4245: 4239: 4236: 4232: 4229: 4227: 4224: 4223: 4222: 4219: 4217: 4214: 4212: 4209: 4207: 4206:Combinatorial 4204: 4203: 4201: 4199: 4193: 4187: 4184: 4180: 4177: 4176: 4175: 4172: 4171: 4168: 4164: 4157: 4152: 4150: 4145: 4143: 4138: 4137: 4134: 4126: 4120: 4112: 4108: 4104: 4098: 4094: 4090: 4086: 4085: 4079: 4074: 4070: 4066: 4060: 4056: 4052: 4048: 4044: 4040: 4038:9780333786765 4034: 4030: 4026: 4022: 4018: 4017:Newman, Peter 4014: 4010: 4009:Newman, Peter 4006: 4002: 4000:9780333786765 3996: 3992: 3988: 3984: 3980: 3979:Newman, Peter 3976: 3972: 3971:Newman, Peter 3968: 3964: 3962:9780333786765 3958: 3954: 3950: 3946: 3942: 3941:Newman, Peter 3935: 3931: 3927: 3924: 3920: 3916: 3912: 3908: 3902: 3898: 3894: 3890: 3889: 3883: 3878: 3874: 3870: 3866: 3860: 3856: 3852: 3848: 3847: 3841: 3836: 3832: 3826: 3822: 3818: 3814: 3810: 3805: 3801: 3795: 3791: 3787: 3783: 3779: 3774: 3770: 3764: 3760: 3756: 3752: 3748: 3743: 3739: 3733: 3729: 3725: 3721: 3717: 3713: 3709: 3708: 3695: 3691: 3687: 3683: 3678: 3673: 3669: 3665: 3660: 3655: 3651: 3647: 3640: 3636: 3630: 3622: 3618: 3614: 3612:0-444-87461-5 3608: 3604: 3600: 3596: 3595: 3589: 3585: 3578: 3570: 3564: 3560: 3556: 3552: 3548: 3541: 3533: 3529: 3525: 3523: 3517: 3509: 3501: 3497: 3493: 3489: 3485: 3479: 3475: 3471: 3467: 3463: 3459: 3453: 3445: 3443:9780333786765 3439: 3435: 3431: 3427: 3420: 3416: 3410: 3402: 3398: 3390: 3381: 3377: 3370: 3366: 3362: 3356: 3352: 3348: 3344: 3340: 3333: 3325: 3321: 3317: 3313: 3309: 3305: 3301: 3295: 3288: 3284: 3282:9780521348010 3278: 3273: 3272: 3264: 3257: 3253: 3249: 3245: 3241: 3237: 3230: 3222: 3216: 3212: 3208: 3201: 3193: 3187: 3183: 3179: 3175: 3168: 3160: 3156: 3152: 3148: 3144: 3140: 3136: 3130: 3122: 3118: 3114: 3110: 3106: 3102: 3098: 3094: 3090: 3089:Sraffa, Piero 3084: 3075: 3071: 3067: 3063: 3059: 3055: 3052:(5–6): 1010. 3051: 3047: 3039: 3035: 3031: 3027: 3023: 3019: 3015: 3011: 3007: 3000: 2998: 2989: 2985: 2981: 2975: 2971: 2967: 2963: 2957: 2953: 2949: 2945: 2941: 2937: 2931: 2923: 2919: 2915: 2911: 2907: 2901: 2897: 2893: 2889: 2884:Pages 47–48: 2880: 2876: 2872: 2866: 2862: 2858: 2854: 2853: 2842: 2838: 2834: 2828: 2824: 2816: 2808: 2804: 2800: 2794: 2790: 2786: 2779: 2771: 2767: 2763: 2757: 2753: 2745: 2737: 2731: 2727: 2717: 2713: 2709: 2703: 2699: 2695: 2691: 2687: 2679: 2671: 2665: 2661: 2657: 2649: 2645: 2641: 2635: 2631: 2627: 2626: 2620: 2615: 2609: 2601: 2595: 2590: 2589: 2583: 2579: 2572: 2564: 2558: 2554: 2550: 2542: 2534: 2530: 2526: 2520: 2516: 2512: 2504: 2500: 2496: 2490: 2486: 2482: 2478: 2470: 2466: 2462: 2456: 2452: 2448: 2443: 2438: 2434: 2427: 2421: 2416: 2412: 2402: 2399: 2398: 2392: 2390: 2386: 2382: 2378: 2374: 2370: 2366: 2362: 2358: 2347: 2344: 2336: 2326: 2321: 2317: 2313: 2312: 2305: 2296: 2295: 2287: 2285: 2281: 2280:stock markets 2277: 2273: 2272:externalities 2269: 2265: 2261: 2257: 2253: 2249: 2245: 2241: 2236: 2234: 2230: 2226: 2222: 2218: 2214: 2210: 2206: 2201: 2199: 2185: 2180: 2174: 2167:Non-convexity 2164: 2162: 2158: 2154: 2150: 2145: 2142: 2138: 2127: 2123: 2118: 2114: 2109: 2105: 2100: 2076: 2056: 2047: 2043: 2029: 2026: 2006: 1997: 1984: 1981: 1961: 1958: 1950: 1934: 1914: 1909: 1894: 1878: 1870: 1861: 1852: 1834: 1827: 1824: 1808: 1801: 1800: 1799: 1783: 1769: 1767: 1749: 1742: 1738: 1734: 1730: 1726: 1722: 1703: 1683: 1663: 1656: 1651: 1642: 1640: 1636: 1633: 1629: 1625: 1621: 1615: 1611: 1610: 1604: 1594: 1592: 1591: 1585: 1579: 1572: 1565: 1561: 1554: 1545: 1539: 1532: 1526: 1519: 1513: 1508: 1501: 1494: 1487: 1483: 1479: 1475: 1471: 1467: 1463: 1458: 1456: 1452: 1442: 1435: 1431: 1427: 1426: 1425: 1424:, the point 1422:[0,1] 1420: 1419:unit interval 1416: 1412: 1405: 1398: 1394: 1389: 1387: 1383: 1379: 1375: 1371: 1367: 1363: 1362: 1353: 1349: 1344: 1335: 1333: 1329: 1325: 1316: 1309: 1302: 1297:real numbers 1296: 1292: 1288: 1280: 1276: 1272: 1268: 1264: 1261: 1260: 1259: 1257: 1253: 1252: 1240: 1233: 1226: 1219: 1212: 1205: 1198: 1191: 1187: 1186: 1185: 1183: 1182: 1177: 1173: 1169: 1165: 1161: 1158: 1148: 1144: 1143:Line segments 1135: 1131: 1124: 1115: 1111: 1108: 1101: 1087: 1085: 1074: 1071: 1063: 1053: 1049: 1043: 1042: 1037: 1036: 1031:This section 1029: 1020: 1019: 1014:Preliminaries 1011: 1009: 1005: 1000: 998: 994: 990: 986: 982: 981:non-convexity 979:In contrast, 977: 975: 971: 967: 963: 958: 956: 952: 948: 944: 940: 936: 925: 920: 918: 913: 911: 906: 905: 903: 902: 897: 887: 885: 880: 875: 874: 873: 872: 865: 862: 859: 855: 852: 850: 847: 845: 842: 841: 838: 833: 832: 823: 822: 818: 816: 813: 811: 808: 806: 803: 801: 798: 796: 793: 791: 788: 786: 783: 781: 778: 776: 773: 771: 768: 766: 763: 761: 758: 756: 753: 751: 748: 746: 743: 741: 738: 736: 733: 731: 728: 726: 723: 721: 718: 716: 713: 711: 708: 706: 703: 701: 698: 696: 693: 691: 688: 686: 683: 681: 678: 676: 673: 671: 668: 666: 663: 661: 658: 656: 653: 651: 648: 646: 643: 641: 638: 636: 633: 631: 628: 626: 623: 621: 618: 616: 613: 611: 608: 606: 603: 601: 598: 596: 593: 591: 588: 586: 583: 581: 578: 576: 573: 571: 568: 566: 563: 561: 558: 556: 553: 551: 548: 546: 543: 541: 538: 536: 533: 531: 528: 526: 523: 521: 518: 516: 513: 511: 508: 506: 503: 501: 498: 496: 493: 491: 488: 486: 485:de Mandeville 483: 482: 477: 471: 470: 463: 460: 458: 455: 453: 450: 448: 445: 443: 440: 438: 435: 433: 430: 428: 425: 423: 420: 418: 414: 413:Public choice 411: 409: 406: 404: 401: 399: 396: 394: 391: 389: 388:Participation 386: 384: 381: 379: 376: 374: 371: 369: 366: 364: 361: 359: 356: 354: 351: 349: 348:Institutional 346: 344: 341: 339: 336: 334: 331: 329: 326: 324: 321: 319: 316: 314: 311: 309: 306: 304: 301: 299: 298:Expeditionary 296: 294: 291: 289: 288:Environmental 286: 284: 281: 279: 276: 274: 271: 269: 266: 264: 261: 259: 256: 254: 251: 249: 246: 244: 241: 239: 236: 234: 231: 230: 224: 223: 216: 213: 211: 208: 206: 203: 201: 198: 196: 193: 191: 188: 186: 183: 181: 178: 176: 173: 171: 168: 167: 161: 160: 153: 150: 148: 145: 143: 140: 138: 135: 133: 130: 128: 124: 121: 119: 118:International 116: 114: 111: 109: 106: 104: 101: 100: 97: 94:Branches and 91: 90: 85: 82: 80: 77: 75: 72: 71: 70: 69: 65: 61: 60: 57: 54: 53: 49: 45: 44: 38: 37: 31: 24: 5499:Convex hulls 5477: 5462:Weak duality 5425: 5417: 5337:Orthogonally 4969:Optimization 4954:Mathematical 4914:Experimental 4909:Evolutionary 4894:Econometrics 4752:Public goods 4726:Price system 4721:Price signal 4635:Monopolistic 4504:Distribution 4440: 4419:Major topics 4304:Trigonometry 4083: 4054: 4050: 4020: 3982: 3944: 3922: 3887: 3885: 3845: 3843: 3812: 3781: 3750: 3719: 3659:math/9310228 3649: 3645: 3629: 3593: 3591: 3577: 3550: 3540: 3521: 3519: 3508: 3465: 3452: 3425: 3409: 3400: 3389: 3379: 3342: 3332: 3310:(1): 31–53. 3307: 3304:Econometrica 3303: 3294: 3286: 3270: 3239: 3235: 3229: 3210: 3200: 3181: 3177: 3167: 3142: 3139:Econometrica 3138: 3129: 3096: 3092: 3083: 3049: 3046:Econometrica 3045: 3013: 3010:Econometrica 3009: 2961: 2930: 2887: 2851: 2849: 2822: 2815: 2788: 2778: 2751: 2744: 2725: 2689: 2685: 2678: 2659: 2624: 2608: 2587: 2571: 2552: 2548: 2541: 2514: 2484: 2480: 2446: 2426: 2415: 2354: 2339: 2330: 2323:Please help 2319: 2308: 2264:market power 2258:wrote about 2248:Piero Sraffa 2237: 2202: 2190: 2146: 2134: 2125: 2116: 2112: 2107: 2103: 1998: 1891:is a closed 1866: 1850: 1765: 1736: 1720: 1719: 1638: 1634: 1627: 1626:. Thus Conv( 1623: 1613: 1607: 1602: 1600: 1590:intersection 1588: 1586: 1577: 1570: 1563: 1552: 1543: 1537: 1530: 1524: 1517: 1511: 1499: 1492: 1485: 1481: 1477: 1473: 1465: 1459: 1454: 1448: 1440: 1433: 1429: 1414: 1410: 1403: 1396: 1392: 1390: 1366:line segment 1359: 1357: 1314: 1307: 1300: 1294: 1286: 1284: 1278: 1274: 1270: 1266: 1262: 1255: 1249: 1247: 1238: 1231: 1224: 1217: 1210: 1203: 1196: 1189: 1179: 1175: 1171: 1160:vector space 1154: 1134:line segment 1114:line segment 1081: 1066: 1057: 1046:Please help 1039: 1032: 1001: 978: 959: 950: 947:combinations 946: 938: 934: 933: 854:Publications 819: 442:Sociological 415: / 313:Geographical 293:Evolutionary 268:Digitization 233:Agricultural 137:Mathematical 108:Econometrics 33: 22: 5452:Duality gap 5447:Dual system 5331:Convex hull 4919:Game theory 4884:Development 4831:Uncertainty 4711:Price floor 4691:Preferences 4630:Competition 4600:Information 4563:Externality 4546:Equilibrium 4487:Transaction 4465:Opportunity 4426:Aggregation 3975:"Convexity" 3716:"Convexity" 3300:Radner, Roy 3171:Pages 5–7: 3016:(1): 1–29. 2385:Brown (1991 2381:Brown (1991 2377:Khan (2008) 2333:August 2013 2327:if you can. 2282:(and other 2278:, and with 2270:(and other 2240:oligopolies 2217:game theory 2194:half a lion 1733:half-spaces 1609:convex hull 1597:Convex hull 1388:is convex. 1348:convex hull 1338:Convex sets 1060:August 2013 997:inefficient 972:will equal 690:von Neumann 343:Information 283:Engineering 263:Development 258:Demographic 200:Game theory 142:Methodology 5493:Categories 5375:Radial set 5345:Convex set 5107:Convex set 4949:Managerial 4869:Behavioral 4742:Production 4679:Oligopsony 4519:Elasticity 4431:Budget set 4288:Riemannian 4283:Projective 4268:Symplectic 4263:Hyperbolic 4196:Euclidean 3705:References 3393:Page 371: 3336:Page 270: 2846:Page 309: 2653:Page 628: 2244:monopolies 2177:See also: 2151:that is a 1893:convex set 1729:hyperplane 1655:convex set 1576:+ . . . + 1324:operations 1313:, . . . , 1251:multiplied 1164:dimensions 1107:convex set 849:Economists 720:Schumacher 625:Schumpeter 595:von Wieser 515:von ThĂĽnen 476:economists 452:Statistics 447:Solidarity 368:Managerial 333:Humanistic 328:Historical 273:Ecological 238:Behavioral 132:Mainstream 34:JEL:  5360:Hypograph 4990:Economics 4862:Subfields 4757:Rationing 4674:Oligopoly 4669:Monopsony 4657:Bilateral 4590:Household 4441:Convexity 4309:Lie group 4273:Spherical 4119:cite book 4013:"Duality" 4011:(1987d). 3973:(1987c). 3778:"Duality" 3714:(2008a). 3672:CiteSeerX 3500:198120391 2922:117240618 2207:, and of 2141:supported 2094:Economics 1386:empty set 1382:Trivially 1147:convexity 1052:talk page 939:economics 935:Convexity 765:Greenspan 730:Samuelson 710:Galbraith 680:Tinbergen 620:von Mises 615:Heckscher 575:Edgeworth 393:Personnel 353:Knowledge 318:Happiness 308:Financial 278:Education 253:Democracy 147:Political 113:Heterodox 56:Economics 5384:Zonotope 5355:Epigraph 5037:Category 4983:See also 4874:Business 4846:Marginal 4841:Expected 4782:Shortage 4777:Scarcity 4652:Monopoly 4558:Exchange 4470:Implicit 4460:Marginal 4370:Category 4258:Elliptic 4250:geometry 4231:Polyform 4216:Discrete 4198:geometry 4179:Timeline 4163:Geometry 4049:(1997). 4019:(eds.). 3981:(eds.). 3943:(eds.). 3932:(1987). 3637:(1993). 3590:(eds.). 3518:(2006). 3464:(1998). 3417:(1987). 3176:(1992). 3003:Page 1: 2940:topology 2616:(1992). 2580:(1988). 2513:(1974). 2485:Approach 2439:(1971). 2395:See also 2309:require 2274:), with 1949:boundary 1725:geometry 1560:equation 1464:, a set 1453:of  1378:crescent 1044:instead. 987:, where 945:prefers 858:journals 844:Glossary 795:Stiglitz 760:Rothbard 740:Buchanan 725:Friedman 715:Koopmans 705:Leontief 685:Robinson 570:Marshall 474:Notable 422:Regional 398:Planning 373:Monetary 303:Feminist 248:Cultural 243:Business 48:a series 46:Part of 5439:Duality 5341:Pseudo- 5315:Ursescu 5212:Pseudo- 5186:Concave 5165:Simplex 5145:Duality 4995:Applied 4974:Welfare 4836:Utility 4796:Surplus 4735:Pricing 4647:Duopoly 4640:Perfect 4583:Service 4551:General 4455:Average 4226:Polygon 4174:History 4111:1216521 4073:0274683 3915:0634800 3873:0648778 3694:1218037 3664:Bibcode 3621:1207195 3532:2191745 3492:1491362 3369:0926685 3324:1909602 3256:0449575 3159:1907054 3121:6458099 3113:2959866 3074:0443878 3066:1911353 3038:0443877 3030:1913410 2988:0737006 2948:measure 2914:1878374 2879:1727000 2841:1865841 2807:0657578 2770:0700688 2716:1462618 2648:1036734 2630:393–394 2592:. MIT. 2533:0389160 2503:1113262 2469:0439057 2451:375–401 2311:cleanup 2198:griffin 2111:,  1869:theorem 1762:in the 1737:support 1620:minimal 1618:is the 1491:,  1432:)  1417:in the 1370:covered 1346:In the 1209:,  1195:,  1162:of two 995:can be 864:Schools 856: ( 815:Piketty 810:Krugman 675:Kuznets 665:Kalecki 640:Polanyi 530:Cournot 525:Bastiat 510:Ricardo 500:Malthus 490:Quesnay 462:Welfare 432:Service 103:Applied 79:Outline 74:History 5422:, and 5393:Series 5310:Simons 5217:Quasi- 5207:Proper 5192:Closed 4820:Supply 4811:Demand 4747:Profit 4615:Market 4477:Social 4278:Affine 4211:Convex 4109:  4099:  4071:  4061:  4035:  3997:  3959:  3913:  3903:  3871:  3861:  3827:  3796:  3765:  3734:  3692:  3674:  3619:  3609:  3565:  3530:  3498:  3490:  3480:  3440:  3367:  3357:  3322:  3279:  3254:  3217:  3188:  3157:  3119:  3111:  3072:  3064:  3036:  3028:  2986:  2976:  2954:, and 2920:  2912:  2902:  2877:  2867:  2839:  2829:  2805:  2795:  2768:  2758:  2732:  2714:  2704:  2666:  2646:  2636:  2596:  2559:  2531:  2521:  2501:  2491:  2467:  2457:  2196:(or a 2161:closed 2124:  1823:closed 1768:-space 1509:  1451:member 1384:, the 1361:convex 1110:covers 800:Thaler 780:Ostrom 775:Becker 770:Sowell 750:Baumol 655:Myrdal 650:Sraffa 645:Frisch 635:Knight 630:Keynes 605:Fisher 600:Veblen 585:Pareto 565:Menger 560:George 555:Jevons 550:Walras 540:Gossen 408:Public 403:Policy 358:Labour 323:Health 180:Market 5250:Main 4939:Labor 4924:Green 4696:Price 4578:Goods 4568:Firms 4340:Lists 4335:Shape 4328:Lists 4297:Other 4186:Lists 3937:(PDF) 3654:arXiv 3642:(PDF) 3496:S2CID 3422:(PDF) 3320:JSTOR 3155:JSTOR 3117:S2CID 3109:JSTOR 3062:JSTOR 3026:JSTOR 2918:S2CID 2407:Notes 2233:firms 1867:This 1764:real 1632:cover 1612:Conv( 1449:is a 1273:) = ( 1216:) = ( 1202:) + ( 1181:added 1145:test 1130:cover 837:Lists 805:Hoppe 790:Lucas 755:Solow 745:Arrow 735:Simon 700:Lange 695:Hicks 670:Röpke 660:Hayek 610:Pigou 580:Clark 495:Smith 457:Urban 437:Socio 427:Rural 127:Macro 123:Micro 84:Index 5370:Lens 5324:Sets 5174:Maps 5081:and 4853:Wage 4762:Rent 4730:Free 4482:Sunk 4450:Cost 4443:and 4125:link 4097:ISBN 4059:ISBN 4033:ISBN 3995:ISBN 3957:ISBN 3901:ISBN 3859:ISBN 3825:ISBN 3794:ISBN 3763:ISBN 3732:ISBN 3607:ISBN 3563:ISBN 3478:ISBN 3438:ISBN 3355:ISBN 3277:ISBN 3215:ISBN 3186:ISBN 2974:ISBN 2950:and 2938:and 2900:ISBN 2865:ISBN 2827:ISBN 2793:ISBN 2756:ISBN 2730:ISBN 2702:ISBN 2664:ISBN 2634:ISBN 2594:ISBN 2557:ISBN 2519:ISBN 2489:ISBN 2455:ISBN 2371:and 2238:In " 2159:are 1927:and 1727:. 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Index

JEL classification codes
C65
a series
Economics

History
Outline
Index
classifications
Applied
Econometrics
Heterodox
International
Micro
Macro
Mainstream
Mathematical
Methodology
Political
JEL classification codes
Economic systems
Economic growth
Market
National accounting
Experimental economics
Computational economics
Game theory
Operations research
Middle income trap
Industrial complex

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