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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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Testing for Restricted Stochastic Dominance
TL;DR: In this article, the authors define and focus on restricted stochastic dominance, the only empirically useful form of dominance relation that we can seek to infer in many settings, and propose a test procedure based on an empirical likelihood ratio, which can turn out to provide much improved reliability of inference compared with the asymptotic tests so far proposed in the literature.
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Optimal paths in dynamic networks with dependent random link travel times
TL;DR: Computational results in large networks and analytical results in a small network show that stochastic dependencies affect optimal path finding in a Stochastic network, and that the impact is closely related to the levels of correlation and risk attitude.
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Stochastic Dominance and Risk Measure: A Decision-Theoretic Foundation for VAR and C-Var
Wing-Keung Wong,Chenghu Ma +1 more
TL;DR: Some logical connections are established among VaRs, conditional-VaR, stochastic dominance, and utility maximization among various types of VaR models, including VaR and conditional- VaR, as measures of downside risk.
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A welfare economic analysis of labor market policies in the Harris–Todaro model
TL;DR: In this article, a welfare analysis of the benefits of various labor market policies in the Harris-Todaro labor market model is presented, and the results of the welfare analyses are compared, and it is shown that TSENR unambiguously increases welfare in the labor market using both approaches.
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Stochastic Dominance among Log-Normal Prospects
TL;DR: In this paper, the authors apply the concept of stochastic dominance to the comparison of log-normally distributed prospects, provided that the investment horizon is not very short; if it is, returns, being the cumulative products of random variables, tend to distribute lognormally.
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.