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Lexicographic measurement of the information contained in opportunity sets

Author

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  • Elisabeth Naeve-Steinweg

    (Universität Bielefeld, Institut für Mathematische Wirtschaftsforschung, Postfach 100131, 66501 Bielefeld, Germany)

  • Jörg Naeve

    (Universität Hohenheim, Institut für Volkswirtschaftslehre , D-70593 Stuttgart , Germany)

Abstract

An individual who has to choose one item from an opportunity set or menu may lack complete information about the final consequences attached to her choice. This problem has been modeled by Bossert (2000) who introduces an axiomatic approach to the ranking of menus according to their informational content. We propose a different ranking based on the lexicographic ordering on the vectors of numbers of consequences for each item and characterize it axiomatically.

Suggested Citation

  • Elisabeth Naeve-Steinweg & Jörg Naeve, 2002. "Lexicographic measurement of the information contained in opportunity sets," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 19(1), pages 155-173.
    • Handle: RePEc:spr:sochwe:v:19:y:2002:i:1:p:155-173
    Note: Received: 12 June 1998/Accepted: 5 September 2000
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    Cited by:

    1. Walter Bossert & Kotaro Suzumura, 2011. "Rationality, external norms, and the epistemic value of menus," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 37(4), pages 729-741, October.
    2. Barbera, S. & Bossert, W. & Pattanaik, P.K., 2001. "Ranking Sets of Objects," Cahiers de recherche 2001-02, Centre interuniversitaire de recherche en économie quantitative, CIREQ.

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