A space of lexicographic preferences

Byung Soo Lee

Journal of Mathematical Economics, 2016, vol. 65, issue C, 16-25

Abstract: There are many lexicographic probability systems (LPS’s) that represent the same lexicographic expected utility (LEU) preference relation (Blume et al., 1991). The space of all LPS’s on a Polish space therefore contains redundant representations of preferences. We show that there exists a Polish subspace of LPS’s that represents all LEU preference relations without such redundancies. Our approach is novel in that it frames the question as what is called a Borel section problem in classical descriptive set theory. The results are motivated by conceptual issues relevant to applications in epistemic game theory.

Keywords: Conditional probability; Lexicographic probability system; Higher-order beliefs; Borel section problem; Redundant representations (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0304406816300131
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:65:y:2016:i:c:p:16-25

DOI: 10.1016/j.jmateco.2016.04.005

Access Statistics for this article

Journal of Mathematical Economics is currently edited by Atsushi (A.) Kajii

More articles in Journal of Mathematical Economics from Elsevier
Bibliographic data for series maintained by Catherine Liu ().