What is lexicographic preferences?

Lexicographic preferences refer to a type of decision-making process where an individual ranks their alternatives according to a hierarchical order, based on criteria prioritization. In other words, if option A scores higher than option B on the most important criterion, then it is selected as the preferred choice regardless of other criteria. It can be thought of as a stepwise process where each attribute or criterion is considered in order of importance or weight assigned to it. Lexicographic preferences are commonly used in real-life situations, such as when choosing a college to attend, selecting a car to buy, or deciding which candidate to vote for in an election. The term "lexicographic" comes from the Greek word "lexis," which means "word," and "graph," which means "writing," indicating the ordering of items based on their textual representation.