ELI5: Explain Like I'm 5

Quasiconcave function

Okay, so imagine you have a toy box with lots of toys in it. Some of the toys are big and some are small, right? Now let's say you want to find a toy that you like the most.

A quasiconcave function is like a game you can play to find your favorite toy in the toy box. The game has some rules though.

First, you can only look at one toy at a time. Second, the toys are all arranged in a certain order from the least favorite to the most favorite.

Here's how the game works:

1) You pick a toy from the box to start with.

2) If you like that toy enough, then you're done! You found your favorite toy.

3) But if you don't like that toy, then you have to try again. This time, you can only choose toys that are bigger than the one you just looked at.

4) You keep repeating step 3 until you find a toy that you like more than the previous one.

That's basically how a quasiconcave function works. It's a way of choosing things (like toys) in order of how much you like them. The function is quasiconcave if, for any two choices you make, you will always end up picking something in between those two choices that you like even more.

So, it's like playing a game to find your favorite toy in a toy box, and the quasiconcave function helps you figure out which toy you like the best.