A New Stochastic Dominance Degree Based on Almost Stochastic Dominance and Its Application in Decision Making

A New Stochastic Dominance Degree Based on Almost Stochastic Dominance and Its Application in Decision Making

Traditional stochastic dominance rules are so strict and qualitative conditions that generally a stochastic dominance relation between two alternatives does not exist. To solve the problem, we firstly supplement the definitions of almost stochastic dominance (ASD). Then, we propose a new definition of stochastic dominance degree (SDD) that is based on the idea of ASD. The new definition takes b...

Revisiting Almost Second-Degree Stochastic Dominance

Decision criteria in risk analysis : an application of stochastic dominance with respect to a function

Generalized Almost Stochastic Dominance

Almost stochastic dominance allows small violations of stochastic dominance rules to avoid situations where most decision makers prefer one alternative to another but stochastic dominance cannot rank them. However, the commonly used integral condition for almost seconddegree stochastic dominance does not map into the corresponding classes of increasing concave utility functions with bounded der...

Stochastic dominance and medical decision making.

Stochastic Dominance (SD) criteria are decision making tools which allow us to choose among various strategies with only partial information on the decision makers' preferences. The notion of Stochastic Dominance has been extensively employed and developed in the area of economics, finance, agriculture, statistics, marketing and operation research since the late 1960s. For example, it may tell ...