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
Market Imperfections, Equilibrium and Arbitrage
TL;DR: In this article, a general model that takes frictions into account is proposed, which is based on the Arrow-Debreu model, the Black and Scholes formula, and the theory of pricing by arbitrage.
Posted Content
Efficiency, Equity, And Generalized Lorenz Dominance
Christian Kleiber,Walter Kraemer +1 more
TL;DR: This article decompose the generalized Lorenz order into a size and a distribution component and show that it is always possible to find distributions H1 and H2 such that F stochastically dominates H 1 and H 1 Lorenz-dominates G, and such that H 2 and H 2 stochastic dominates G. They also discuss the implications of these results for choice under risk.
Journal ArticleDOI
Naive Diversification Preferences and Their Representation
TL;DR: In this paper, the authors provide mathematically and economically sound choice theoretic foundations for the naive approach to diversification by defining it as a preference for equality over inequality and derive its relationship to the classical diversification paradigm, and show that an economic agent is a naive diversifier if and only if his preferences are convex and permutation invariant.
Journal ArticleDOI
Analyzing portfolios with derivative assets: A stochastic dominance approach using numerical integration
Posted Content
Economics of Purifying and Blending, The
TL;DR: In this paper, the slope and curvature of the retail price-quality schedule were found to determine optimal processing decisions for material subjected to purification and/or blending processes when processing is costless.
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.