Characterizing lexicographic preferences

Henrik Petri, Mark Voorneveld

Research output: Contribution to journalArticlepeer-review

2 Citations (Scopus)

Abstract

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.
Original languageEnglish
Pages (from-to)51-61
Number of pages11
JournalJournal of Mathematical Economics
DOIs
Publication statusPublished - Mar 2016

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