Open AccessPosted Content
Rules for Ordering Uncertain Prospects
Josef Hadar,William R Russell +1 more
About:
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
Citations
More filters
Journal ArticleDOI
Roots and effects of financial misperception in a stochastic dominance framework
Rosella Castellano,Roy Cerqueti +1 more
TL;DR: In this paper, a new definition for stochastic dominance, which presents asymmetric property, is introduced and theoretical and numerical results are provided showing how investors distort and make questionable investment choices, which are explained in terms of framing and representative effects.
Posted Content
Multicriterion Analysis Under Uncertainty: The Approach of Outranking Synthesis
TL;DR: In this paper, the authors consider the problem of outranking relations in the context of multicriterion analysis under uncertainty, and propose procedures based on the outranking relation to build a set of relations in a context of uncertainty.
Book ChapterDOI
Portfolio Choice Models Based on Second-Order Stochastic Dominance Measures: An Overview and a Computational Study
Csaba I. Fábián,Gautam Mitra,Diana Roman,Victor Zverovich,Tibor Vajnai,Edit Csizmás,Olga Papp +6 more
TL;DR: In this paper, the authors compare two approaches, the unscaled model of Roman et al. (Mathematical Programming Series B 108: 541-569, 2006) and the scaled model of Fabian et al (Quantitative Finance 2010) to find a portfolio whose return distribution dominates the index distribution to the largest possible extent.
Journal ArticleDOI
Consistent Tests for Almost Stochastic Dominance
TL;DR: In this paper, the first and second order almost stochastic dominance (ASD) for most decision makers is investigated. But there is no formal statistical inference procedure up to now.
Posted Content
Stochastic dominance portfolio analysis of forestry assets.
V.-P. Heikkinen,Timo Kuosmanen +1 more
TL;DR: This paper investigated the effect of trading the timber stock together with the forest land, or without the land (i.e., harvesting), on the portfolio efficiency, using real data from Finnish mixed borealis forests and from the Helsinki stock exchange.
References
More filters
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.
Journal ArticleDOI
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.
Journal ArticleDOI
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.