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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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Book ChapterDOI
6 – Increasing Risk: I. A Definition*
TL;DR: In this paper, the authors present a geometrically motivated definition of what it means for one random variable to have more weight in the tails than another, which is different from that of the fourth approach.
Journal ArticleDOI
An Agent-Based Simulation Model of Structural Change in Canadian Prairie Agriculture, 1960–2000
TL;DR: In this paper, an agent-based simulation model is used to examine the evolution of farm size and financial structure in Canadian prairie agriculture over the period 1960-2000, where individual farm agent interaction and dynamics in this model occur through land ownership and leasing markets.
Journal ArticleDOI
Empirical Test of the Efficiency of UK Covered Warrants Market: Stochastic Dominance and Likelihood Ratio Test Approach
TL;DR: In this article, the efficiency of the UK covered warrants market was examined by adopting a stochastic dominance approach to examine market efficiency. But neither covered warrants nor the underlying shares stochastically dominate each other, which implies that the market is efficient.
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The value of information about product quality
TL;DR: In this article, the authors derive conditions under which the value of public information about quality will be positive or negative to consumers and the firm and find that the firm always prefers more information, but consumers may not.
Journal ArticleDOI
Semi-infinite probabilistic optimization: first-order stochastic dominance constrain
TL;DR: In this paper, the Lagrange multipliers corresponding to dominance constraints are identified with piecewise constant non-decreasing utility functions, and the convexification of stochastic ordering relation is equivalent to second-order stochastically dominance under rather weak assumptions.
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.
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.