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.
|Original language||English (US)|
|Number of pages||18|
|Journal||Annals of Operations Research|
|State||Published - Dec 1989|
ASJC Scopus subject areas
- Decision Sciences(all)
- Management Science and Operations Research