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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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Reliable route guidance: A case study from Chicago
TL;DR: Numerical experiments demonstrate that optimal paths are substantially affected by the reliability requirement in rush hours, and that reliable route guidance could generate up to 5–15% of travel time savings.
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Prospect and Markowitz Stochastic Dominance
Wing-Keung Wong,Raymond H. Chan +1 more
TL;DR: In this article, the authors extend Levy and Levy's Prospect Stochastic Dominance theory (PSD) to the first three orders and link the corresponding S-shaped and reverse Sshaped utility functions to the expected utility paradigm.
Journal Article
A second-order stochastic dominance portfolio efficiency measure
Miloš Kopa,Petr Chovanec +1 more
TL;DR: A new linear programming second-order stochastic dominance (SSD) portfolio efficiency test for portfolios with scenario approach for distribution of outcomes and a new SSD portfolio inefficiency measure that is convex is introduced.
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Stochastic Dominance and Mutual Fund Performance
O. Maurice Joy,R. Burr Porter +1 more
TL;DR: The authors applied first-, second-, and third-degree stochastic dominance principles to investigate the same question and found that mutual fund performance was inferior to market performance over the period 1954-1963.
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Mixed forests and finance — Methodological approaches
TL;DR: In this paper, the authors analyzed various possibilities to assess portfolios of tree species, namely, the mean-variance (MV) approach applied for the selection of optimal portfolios, the second order stochastic dominance (SSD) criterion and the information-gap approach.
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.