منابع مشابه
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...
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In this paper, we extend Fishburn’s convex stochastic dominance theorem to include any distribution function. This paper also considers risk takers as well as risk averters, and discusses third order stochastic dominance. We apply separation and representation theorems to obtain a concise alternative proof of the theorem. Our results are used to extend a theorem of Bawa et.al. on comparison bet...
متن کاملA 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...
متن کاملAlmost Stochastic Dominance and Efficient Investment Sets
A major drawback of Mean-Variance and Stochastic Dominance investment criteria is that they may fail to determine dominance even in situations when all “reasonable” decision-makers would clearly prefer one alternative over another. Levy and Leshno [1] suggest Almost Stochastic Dominance (ASD) as a remedy. This paper develops algorithms for deriving the ASD efficient sets. Empirical application ...
متن کاملMoment Conditions for Almost Stochastic Dominance*
This study establishes necessary conditions for Almost Stochastic Dominance criteria of various orders. These conditions take the form of restrictions on algebraic combinations of moments of the probability distributions in question. The relevant set of conditions depends on the relevant order of ASD but not on the critical value for the admissible violation area. These conditions can help to r...
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ژورنال
عنوان ژورنال: Economics Letters
سال: 2013
ISSN: 0165-1765
DOI: 10.1016/j.econlet.2013.08.020