Characterizing lexicographic preferences

Henrik Petri () and Mark Voorneveld
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Henrik Petri: Department of Finance, Postal: Stockholm School of Economics, P.O. Box 6501, SE-113 83 Stockholm, Sweden

No 2015:2, SSE Working Paper Series in Economics from Stockholm School of Economics

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)
JEL-codes: D01 D11 D70 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2015-04-13
New Economics Papers: this item is included in nep-mic
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Journal Article: Characterizing lexicographic preferences (2016)
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