An overview of lexicographic choice under uncertainty

An overview of lexicographic choice under uncertainty

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Article ID: iaor1989279
Country: Switzerland
Volume: 19
Start Page Number: 231
End Page Number: 246
Publication Date: May 1989
Journal: Annals of Operations Research
Authors: , ,
Abstract:

This overview focuses on lexicographic choice under conditions of uncertainty. First, lexicographic versions of traditional (von Neumann-Morgenstern) expected utility theory are described where the usual Archimedean axiom is weakened. The role of these lexicographic variants in explaining some well-known ‘paradoxes’ of choice theory is reviewed. Next, the significance of lexicographic choice for game theory is discussed. Finally, some lexicographic extensions of the classical maximin decision rule are described.

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