Policy Optimization by Lexigographic Preference Ordering

Posted: 26 Feb 2008

See all articles by Philip A. Stork

Philip A. Stork

Vrije Universiteit Amsterdam, School of Business and Economics; Tinbergen Institute

Jean-Marie Viaene

Erasmus University

Abstract

A lexicographic preference ordering of policy objectives is used to define the policymaker's choice among alternatives. It is shown how the constrained multiple goal problem can be placed in a one-to-one relationship with multidimensional utility analysis. The method is applied to a model of the Dutch economy and it is shown that is has good potential as a policy optimization method, its strengths being its ease of use and the quality of its results.

Keywords: policy optimization, lexicographic ordering

JEL Classification: C61, D78, D81, E61

Suggested Citation

Stork, Philip A. and Viaene, Jean-Marie, Policy Optimization by Lexigographic Preference Ordering. Journal of Policy Modeling, Vol. 14, No. 5, 1992. Available at SSRN: https://ssrn.com/abstract=1097750

Philip A. Stork (Contact Author)

Vrije Universiteit Amsterdam, School of Business and Economics ( email )

De Boelelaan 1105
Amsterdam, 1081HV
Netherlands

Tinbergen Institute ( email )

Gustav Mahlerplein 117
Amsterdam, 1082 MS
Netherlands

Jean-Marie Viaene

Erasmus University ( email )

P.O. Box 1738
3000 DR Rotterdam
Netherlands

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