2

What's the meaning of "concaved" in this senctence:

As long as voters’ utility functions are concave, voters prefer policies that do not change drastically.

3

Concave here retains it's original meaning:

curved like the inner surface of a sphere or bowl

(Wiktionary)

A utility function is a type of mathematical function which is used in economics. The graph of this function can be sloped. The type of slope concave or convex. An example of a concave utility function is this, from Wikipedia:

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Try googling "Utility Function concave". You can even check out Risk Aversion.

  • That looks convex to me. Concave is dented inward in the center. – Oldcat Feb 20 '14 at 17:56
0

A concave function is a type mathematical function (a curve). In economics a Utility function describes risk aversion. A concave utility function describes a risk-averse individual.

You can simplify that sentence to: "as long as voters don't like taking big risks, they prefer policies that do not change much"

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