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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
Citations
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Rough approximation of a preference relation by a multi-attribute dominance for deterministic, stochastic and fuzzy decision problems
TL;DR: The mixed-data multi-attribute dominance for a reduced number of attributes (MMD R ) is proposed to model the preferences in this kind of problem, based on the dominance-based rough set approach proposed by Greco, Matarazzo and Slowinski.
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Market efficiency of oil spot and futures: A mean-variance and stochastic dominance approach
TL;DR: In this paper, the authors examined the market efficiency of oil spot and futures prices by using both mean-variance (MV) and stochastic dominance (SD) approaches, and found no evidence of any MV and SD relationships between oil Spot and futures indices.
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The CAPM is Alive and Well: A Review and Synthesis
TL;DR: In this paper, the authors show that the CAPM is theoretically valid even when one accepts the BE&P framework and even when expected utility is invalid, under the assumption that the M-V rule is not always consistent with peoples' choices.
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Interest Rate Uncertainty and the Financial Intermediary's Choice of Exposure
TL;DR: Deshukh et al. as discussed by the authors provide a model of balance sheet duration mismatching and then show that an increase in interest rate volatility is likely to lead an intermediary to choose a balance sheet that is more closely matched.
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Revisiting Almost Second-Degree Stochastic Dominance
TL;DR: This paper provides a counterexample to the main theorem of Leshno and Levy related to almost second-degree stochastic dominance and shows that the newly defined almostSecond-degree Stochastic dominance is the necessary and sufficient condition to rank distributions for all decision makers excluding the pathological concave preferences.
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.