An overview of lexicographic choice under uncertainty

Lawrence Blume*, Adam Brandenburger, Eddie Dekel

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

10 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 languageEnglish (US)
Pages (from-to)229-246
Number of pages18
JournalAnnals of Operations Research
Volume19
Issue number1
DOIs
StatePublished - Dec 1989

ASJC Scopus subject areas

  • Decision Sciences(all)
  • Management Science and Operations Research

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