Annals of Operations Research

, Volume 19, Issue 1, pp 229–246

An overview of lexicographic choice under uncertainty

  • Lawrence Blume
  • Adam Brandenburger
  • Eddie Dekel
Part IV New Results In Nonlinear Preference Theory

DOI: 10.1007/BF02283523

Cite this article as:
Blume, L., Brandenburger, A. & Dekel, E. Ann Oper Res (1989) 19: 229. doi:10.1007/BF02283523

Abstract

This overview focuses on lexicographic choice under conditions of uncertainty. First, lexicographic versions of traditional (von Neumann-Morgenstern) expected utility theory are described where the usual Archimedean axiom is weakened. The role of these lexicographic variants in explaining some well-known “paradoxes” of choice theory is reviewed. Next, the significance of lexicographic choice for game theory is discussed. Finally, some lexicographic extensions of the classical maximin decision rule are described.

Copyright information

© J.C. Baltzer AG, Scientific Publishing Company 1989

Authors and Affiliations

  • Lawrence Blume
    • 1
  • Adam Brandenburger
    • 2
  • Eddie Dekel
    • 3
  1. 1.Department of EconomicsUniversity of MichiganAnn ArborUSA
  2. 2.Harvard Business SchoolBostonUSA
  3. 3.Department of EconomicsUniversity of CaliforniaBerkeleyUSA

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