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Rules for Ordering Uncertain Prospects
Josef Hadar,William R Russell +1 more
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This article is published in The American Economic Review.The article was published on 1969-01-01 and is currently open access. It has received 1748 citations till now.read more
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Journal ArticleDOI
Capital market imperfections and the composition of optimal portfolios
TL;DR: In this paper, the authors apply the mean-variance selection criterion to the empirical problem of generating efficient mixed portfolios of common stocks and bonds; the Sharpe-Lintner market model is then used to derive the optimal stock-bond proportions for a mixed securities portfolio; and finally the composition of these portfolios is interpreted with the aid of two recently developed efficiency criteria.
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Comparing Local Risks by Acceptance and Rejection
Amnon Schreiber,Amnon Schreiber +1 more
TL;DR: In this article, the acceptance dominance order is defined as an incomplete order on an ordinary set of gambles, and the risk that arises from investing in such assets, with a short investment time horizon, is called local risk.
Book ChapterDOI
Should Poverty and Inequality Measures be Combined
TL;DR: This paper analyzed whether poverty and inequality measures should be blended into a single index, which was first raised to me by Erik, so it is very fitting that an answer be presented at a conference honoring his distinguished career.
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Binary choice probabilities between gambles: Interlocking expected utility models ☆
TL;DR: Two models for describing an individual's binary choice probabilities between gambles whose outcomes are measured along a unidimensional scale on which a larger outcome is preferred to a smaller outcome are discussed.
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Income distribution and employment
References
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Book
Theory of Games and Economic Behavior
TL;DR: Theory of games and economic behavior as mentioned in this paper is the classic work upon which modern-day game theory is based, and it has been widely used to analyze a host of real-world phenomena from arms races to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salary negotiations.
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Admissibility and Measurable Utility Functions
James P. Quirk,Rubin Saposnik +1 more
Book ChapterDOI
Ordered Families of Distributions
TL;DR: In this article, a comparison is made of several definitions of ordered sets of distributions, some of which were introduced earlier by the author [7], [8] and by Rubin [10], and the results are applied to obtaining tests that give a certain guaranteed power with a minimum number of observations.
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Dynamic Inventory Policy with Varying Stochastic Demands
TL;DR: In this article, a dynamic inventory model is formulated in which the demand distributions may change from period to period, and the optimal policy at each stage is characterized by a single critical number which also could vary in successive periods.