A prudent characterization of the Ranked Pairs Rule

We show that the Ranked Pairs Rule is equivalent to selecting the maximal linear orders with respect to a DiscriMin relation, which is a natural refinement of the Min relation used to define Arrow and Raynaud’s prudent orders. We provide an axiomatic characterization of the Ranked Pairs Rule by building on an earlier characterization of the prudent order ranking rule. We conclude that a monotonicity criterion is the main distinction between the two ranking rules.

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