An Overview of Lexicographic Choice Under Uncertainty

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.

Cite this paper

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