Lexicographic State-Dependent Subjective Expected Utility

Irving H Lavalle and Peter C Fishburn

Journal of Risk and Uncertainty, 1991, vol. 4, issue 3, 69 pages

Abstract: An additive-across-states decomposition of lexicographic linear utility is easily obtained under a mild structural assumption concerning sufficient richness of acts in the domain of preference assessment, but the vectoral nature of lexicographic utility introduces two complexities absent in the real-valued case. First, the concept of sate nullity becomes lexicographic rather than binary; and second, a standard construction for obtaining subjective probabilities from real-valued, state-dependent utilities produces matrices instead of nonnegative real numbers in the lexicographic setting. Copyright 1991 by Kluwer Academic Publishers

Date: 1991
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