convexity of indifference curves, [indifference curve
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https://www.sciencedirect.com/science/article/pii/0167268192900176
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indifference curves. Overall, 27% reveal convex indifference curves, and
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only 8% concave indifference curves, but the pull towards convexity is weaker
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for losses (270/, convex, 15% concave)
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There is a misconception that the nondiscrimination curve is convex to origin, but this is only true when assuming the model of “law of diminishing marginal utility” at the time the nondiscrimination curve was proposed, and there are known experimental cases in which this is not true.
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Nobel economist Samuelson already wrote about concave indifference curves in 1956
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