SSE Working Paper Series in Economics, Stockholm School of Economics
Characterizing lexicographic preferences
() 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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