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A Study of Lexicographic Expected Utility

Peter C. Fishburn

Management Science

Vol. 17, No. 11, Theory Series (Jul., 1971), pp. 672-678

Published by: INFORMS

Stable URL: http://www.jstor.org/stable/2629309

Page Count: 7

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Journal Info
Management Science
Description: Management Science is a cross-functional, multidisciplinary examination of advances and solutions supporting enhanced strategic planning and management science. Includes relevant contributions from diverse fields:
- Accounting and finance
- Business strategy
- Decision analysis
- Information systems
- Manufacturing and distribution
- Marketing
- Mathematical programming and networks
- Organization performance
- Public sector applications
- R&D/innovation
- Stochastic models and simulation
- Strategy and design
- Supply chain management
Coverage: 1954-2010 (Vol. 1, No. 1 - Vol. 56, No. 12)

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ISSN: 00251909

EISSN: 15265501

Subjects: Management & Organizational Behavior, Business & Economics, Business
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A Study of Lexicographic Expected Utility

Abstract

A relation $<^{L}$ on a set of real vectors a, b,... is a lexicographic order when $a<^{L}b$ if and only if a ≠ b and for every j such that $b_{j} there is an i < j such that $a_{i}. A simple and direct derivation is given for a multidimensional utility function whose lexicographically-ordered expected utility vectors preserve an individual's preference order on a set of probability measures. All but one of Hausner's axioms yield an equivalence on the set of preference intervals, and the resulting set of equivalence classes is shown to account for the hierarchy in the lexicographic structure. A lexicographic utility representation is noted for the finite-dimensional case. When Hausner's other axiom is added, his theorem for lexicographic linear utility is obtained. This theorem is applied to sets of simple and discrete probability measures.

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