An Overview of Lexicographic Choice Under Uncertainty


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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@inproceedings{Blume1989AnOO, title={An Overview of Lexicographic Choice Under Uncertainty}, author={Lawrence E. Blume and Adam Brandenburger and Eddie Dekel}, year={1989} }