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Stockholm School of Economics SSE Working Paper Series in Economics, Stockholm School of Economics

No 2015:2:
Characterizing lexicographic preferences

Henrik Petri () and Mark Voorneveld ()

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; (follow links to similar papers)

JEL-Codes: D01; D11; D70; (follow links to similar papers)

24 pages, April 13, 2015

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