In Tversky’s (1969) model of a lexicographic
semiorder, a preference is generated via the sequential application
of numerical criteria by declaring an alternative x better than an
alternative y if the first criterion that distinguishes between x
and y ranks x higher than y by an amount exceeding a fixed
threshold. We generalize this idea to a fully fledged model of
boundedly rational choice. We explore the connection with
sequential rationalizability of choice (Apesteguia and Ballester
2010, Manzini and Mariotti 2007) and we provide axiomatic
characterizations of both models in terms of observable choice
data.
