risk-seeking people, his preferences may change over time. Convex preferences relate to averages between two points on an indifference curve. It comes in In economics, and in other social sciences, preference refers to an order by which an agent, while in search of an "optimal choice", ranks alternatives based on their respective utility. Preferences are evaluations that concern matters of value, in relation to practical reasoning. Individual preferences are determined by taste, need, ..., as opposed to price, availability or personal income. Clas Everyday experience suggests that people at least talk about their preferences as if they had personal "standards of judgment" capable of being applied to the particular domain of alternatives that present themselves from time to time. Thus, the axioms attempt to model the decision maker's preferences, not over the actual choice, but over the type of desirable procedure (a procedure that any human being would like to follow). Behavioral economics investigates human behaviour which violates the above axioms. Believing in axioms in a normative way does not imply that everyone must behave according to them. Consumers whose preference structures violate transitivity would get exposed to being exploited by some unscrupulous person. For instance, Maria prefers apples to oranges, oranges to bananas, and bananas to apples. Let her be endowed with an apple, which she can trade in a market. Because she prefers bananas to apples, she is willing to pay one cent to trade her apple for a banana. Afterwards, Maria is willing to pay another cent to trade her banana for an orange, the orange for an apple, and so on. There are other examples of this kind of irrational behaviour. Completeness implies that some choice will be made, an…