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Lexicographic State-Dependent Subjective Expected Utility

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  • Lavalle, Irving H
  • Fishburn, Peter C

Abstract

An additive-across-states decomposition of lexicographic linear utility is easily obtained under a mild structural assumption concerning sufficient richness of acts in the domain of preference assessment, but the vectoral nature of lexicographic utility introduces two complexities absent in the real-valued case. First, the concept of sate nullity becomes lexicographic rather than binary; and second, a standard construction for obtaining subjective probabilities from real-valued, state-dependent utilities produces matrices instead of nonnegative real numbers in the lexicographic setting. Copyright 1991 by Kluwer Academic Publishers

Suggested Citation

  • Lavalle, Irving H & Fishburn, Peter C, 1991. "Lexicographic State-Dependent Subjective Expected Utility," Journal of Risk and Uncertainty, Springer, vol. 4(3), pages 251-269, July.
    • Handle: RePEc:kap:jrisku:v:4:y:1991:i:3:p:251-69
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    Cited by:

    1. Lehmann, Daniel, 2001. "Expected Qualitative Utility Maximization," Games and Economic Behavior, Elsevier, vol. 35(1-2), pages 54-79, April.
    2. LaValle, Irving H. & Fishburn, Peter C., 1996. "On the varieties of matrix probabilities in nonarchimedean decision theory," Journal of Mathematical Economics, Elsevier, vol. 25(1), pages 33-54.
    3. Nakamura, Yutaka, 2002. "Lexicographic quasilinear utility," Journal of Mathematical Economics, Elsevier, vol. 37(3), pages 157-178, May.
    4. Petri, Henrik, 2020. "Lexicographic probabilities and robustness," Games and Economic Behavior, Elsevier, vol. 122(C), pages 426-439.

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