Lexicographic measurement of the information contained in opportunity sets

Elisabeth Naeve-Steinweg and Jörg Naeve
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Elisabeth Naeve-Steinweg: Universität Bielefeld, Institut für Mathematische Wirtschaftsforschung, Postfach 100131, 66501 Bielefeld, Germany

Social Choice and Welfare, 2002, vol. 19, issue 1, 155-173

Abstract: An individual who has to choose one item from an opportunity set or menu may lack complete information about the final consequences attached to her choice. This problem has been modeled by Bossert (2000) who introduces an axiomatic approach to the ranking of menus according to their informational content. We propose a different ranking based on the lexicographic ordering on the vectors of numbers of consequences for each item and characterize it axiomatically.

Date: 2002-01-21
Note: Received: 12 June 1998/Accepted: 5 September 2000
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