We characterize lexicographic preferences on product sets of finitely many coordinates. The main new axiom is a robustness property. It roughly requires this: Suppose is preferred to ; many of its coordinates indicate that the former is better and only a few indicate the opposite. Then the decision maker is allowed a change of mind turning one coordinate in favor of to an indifference: even if one less argument supports the preference, the fact that we started with many arguments in favor of suggests that such a small change is not enough to give rise to the opposite preference.
|Number of pages||11|
|Journal||Journal of Mathematical Economics|
|Publication status||Published - Mar 2016|
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- Department of Economics - Lecturer
- Economic Theory
Person: Research & Teaching