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Unformatted text preview: y = x l . The above applied to n = max { k , l } yields x k % x l iFF U ( x k ) U ( x l ) . Lexicographic Preferences Lexicographic preFerences are the outcome oF applying the Following procedure For determining the ranking oF any two elements in a set X . The individual has in mind a sequence oF criteria that could be used to compare pairs oF elements in X . The criteria are applied in a fxed order until a criterion is reached that succeeds in distinguishing between the two elements, in that it determines the preFerred alternative. ormally, let ( % k ) k = 1, ... , K be a Ktuple oF orderings over the set X . The lexicographic ordering induced by those orderings is defned by x % L y iF (1) there is k such that For all k < k we have x k y and x k y or (2) x k y For all k . VeriFy that % L is a preFerence relation....
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This note was uploaded on 12/29/2011 for the course ECO 443 taught by Professor Aswa during the Fall '10 term at SUNY Stony Brook.
 Fall '10
 aswa
 Utility

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