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Characterizing lexicographic preferences

Author

Listed:
  • Petri, Henrik

    (Department of Finance)

  • Voorneveld, Mark

    (Dept. of Economics)

Abstract

We characterize lexicographic preferences on product sets of finitely many coordinates. The main new axiom is a robustness property. It roughly requires this: Suppose x is preferred to y; many of its coordinates indicate that the former is better and only a few indicate the opposite. Then the decision maker is allowed a change of mind turning one coordinate in favor of x to an indifference: even if one less argument supports the preference, the fact that we started with many arguments in favor of x suggests that such a small change is not enough to give rise to the opposite preference.

Suggested Citation

  • Petri, Henrik & Voorneveld, Mark, 2015. "Characterizing lexicographic preferences," SSE Working Paper Series in Economics 2015:2, Stockholm School of Economics.
    • Handle: RePEc:hhs:hastec:2015_002
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    References listed on IDEAS

    as
    1. Peter C. Fishburn, 1975. "Axioms for Lexicographic Preferences," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 42(3), pages 415-419.
    2. Mandler, Michael & Manzini, Paola & Mariotti, Marco, 2012. "A million answers to twenty questions: Choosing by checklist," Journal of Economic Theory, Elsevier, vol. 147(1), pages 71-92.
    3. Michael Yee & Ely Dahan & John R. Hauser & James Orlin, 2007. "Greedoid-Based Noncompensatory Inference," Marketing Science, INFORMS, vol. 26(4), pages 532-549, 07-08.
    4. Petri, Henrik & Voorneveld, Mark, 2016. "Characterizing lexicographic preferences," Journal of Mathematical Economics, Elsevier, vol. 63(C), pages 54-61.
    5. Peter C. Fishburn, 1974. "Exceptional Paper--Lexicographic Orders, Utilities and Decision Rules: A Survey," Management Science, INFORMS, vol. 20(11), pages 1442-1471, July.
    6. Fishburn, Peter C, 1991. "Nontransitive Preferences in Decision Theory," Journal of Risk and Uncertainty, Springer, vol. 4(2), pages 113-134, April.
    7. Mitra, Manipushpak & Sen, Debapriya, 2014. "An alternative proof of Fishburn’s axiomatization of lexicographic preferences," Economics Letters, Elsevier, vol. 124(2), pages 168-170.
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    Cited by:

    1. Petri, Henrik & Voorneveld, Mark, 2016. "Characterizing lexicographic preferences," Journal of Mathematical Economics, Elsevier, vol. 63(C), pages 54-61.
    2. Mridu Prabal Goswami & Manipushpak Mitra & Debapriya Sen, 2022. "A Characterization of Lexicographic Preferences," Decision Analysis, INFORMS, vol. 19(2), pages 170-187, June.
    3. Petri, Henrik, 2020. "Lexicographic probabilities and robustness," Games and Economic Behavior, Elsevier, vol. 122(C), pages 426-439.
    4. Henrik Petri, 2018. "A “three-sentence proof” of Hansson’s theorem," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 6(1), pages 111-114, April.

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    More about this item

    Keywords

    lexicographic preferences; lexicographic order; characterization; preferences;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General

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