Characterizing lexicographic preferences

Henrik Petri and Mark Voorneveld

Journal of Mathematical Economics, 2016, vol. 63, issue C, 54-61

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.

Keywords: Lexicographic preferences; Lexicographic order; Characterization; Preferences (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (5)

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Working Paper: Characterizing lexicographic preferences (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:63:y:2016:i:c:p:54-61

DOI: 10.1016/j.jmateco.2015.12.003

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