Abstract
We investigate a normative theory of incomplete preferences in the context of preliminary screening procedures. We introduce a theory of ranking in the presence of objectively incomparable marginal contributions (apples and oranges). Our theory recommends benchmarking, a method under which an individual is deemed more accomplished than another if and only if she has achieved more benchmarks, or important accomplishments. We show that benchmark rules are characterized by four axioms: transitivity, monotonicity, incomparability of marginal gains, and incomparability of marginal losses.
Original language | English |
---|---|
Pages (from-to) | 485-504 |
Number of pages | 20 |
Journal | Theoretical Economics |
Volume | 13 |
Issue number | 2 |
DOIs | |
State | Published - May 2018 |
Bibliographical note
Publisher Copyright:Copyright © 2018 The Authors.
Keywords
- Benchmarking
- apples and oranges
- axioms
- closure operator
- homomorphisms
- incompleteness
- measurement
ASJC Scopus subject areas
- General Economics, Econometrics and Finance