An overview of lexicographic choice under uncertainty
- Cite this article as:
- Blume, L., Brandenburger, A. & Dekel, E. Ann Oper Res (1989) 19: 229. doi:10.1007/BF02283523
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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.