An overview of lexicographic choice under uncertainty

Lawrence Blume; Adam Brandenburger; Eddie Dekel

doi:10.1007/BF02283523

An overview of lexicographic choice under uncertainty

Lawrence Blume^*, Adam Brandenburger, Eddie Dekel

^*Corresponding author for this work

Economics

Research output: Contribution to journal › Article › peer-review

13 Scopus citations

Abstract

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)
Pages (from-to)	229-246
Number of pages	18
Journal	Annals of Operations Research
Volume	19
Issue number	1
DOIs	https://doi.org/10.1007/BF02283523
State	Published - Dec 1989

ASJC Scopus subject areas

General Decision Sciences
Management Science and Operations Research

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10.1007/BF02283523

Cite this

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AB - 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.

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An overview of lexicographic choice under uncertainty

Abstract

ASJC Scopus subject areas

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