Maximax, leximax, and the demanding criterion

Following the characterizations provided by Barbera and Jackson [Barbera, S ., Jackson, M.O., 1988. Journal of Economic Theory 46, 34-44] for the maxim in, the leximin, and the protective criterion, we examine the consequences of replacing convexity in their list of axioms by concavity, which means co nsidering risk-loving instead of risk-averse agents. This yields characteri zations of the maximax, the leximax and a new criterion which we term deman ding criterion. We concentrate on the latter and demonstrate the independen ce of the axioms used for its characterization. (C) 2000 Elsevier Science B .V. All rights reserved. JEL classification: D81.