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Subjective expected lexicographic utility:Axioms and assessment

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  • Peter C. Fishburn
  • Irving H. LaValle

Abstract

The theory of subjective expected lexicographic utility brings together two classicaldevelopments in expected utility theory. The first is Hausner's theory of expected lexico-graphicutility in decision under risk. The second is a lottery-based theory of subjectiveexpected utility in decision under uncertainty that was first axiomatized by Anscombe andAumann. Our synthesis of the two produces representations of preference in decision underuncertainty in which utilities are finite-dimensional real vectors ordered lexicographicallyand subjective probabilities are real matrices. Axiomatizations of subjective expected lexico-graphicutility are described for finite and infinite sets of states. Procedures for assessingvector utilities and matrix probabilities are outlined. Copyright Kluwer Academic Publishers 1998

Suggested Citation

  • Peter C. Fishburn & Irving H. LaValle, 1998. "Subjective expected lexicographic utility:Axioms and assessment," Annals of Operations Research, Springer, vol. 80(0), pages 183-206, January.
    • Handle: RePEc:spr:annopr:v:80:y:1998:i:0:p:183-206:10.1023/a:1018911830478
    DOI: 10.1023/A:1018911830478
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    Cited by:

    1. Robert F. Bordley & Stephen M. Pollock, 2009. "A Decision-Analytic Approach to Reliability-Based Design Optimization," Operations Research, INFORMS, vol. 57(5), pages 1262-1270, October.
    2. Niklas Vareman, 2008. "Norms and Descriptions," Decision Analysis, INFORMS, vol. 5(2), pages 88-99, June.
    3. Bordley, Robert F., 2005. "Econophysics and individual choice," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 354(C), pages 479-495.

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