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Sufficient Conditions for Dominance of Simply Related Prospects

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  • Drynan, Ross G.
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    Abstract

    Sufficient conditions for dominance of simply related prospects are developed for newly defined classes of limited-variation-in-risk-parameter utility functions. Necessary and sufficient conditions are given for classes of contant-risk-parameter utility functions. The latter include classes of quadratic, power and exponential utility functions. The conditions can be incorporated into easily implemented procedures for locating efficient prospects.

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    File URL: http://purl.umn.edu/12308
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    Bibliographic Info

    Article provided by Australian Agricultural and Resource Economics Society in its journal Review of Marketing and Agricultural Economics.

    Volume (Year): 55 (1987)
    Issue (Month): 01 (April)
    Pages:

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    Handle: RePEc:ags:remaae:12308

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    Keywords: Research Methods/ Statistical Methods;

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    1. Hanoch, Giora & Levy, Haim, 1970. "Efficient Portfolio Selection with Quadratic and Cubic Utility," The Journal of Business, University of Chicago Press, vol. 43(2), pages 181-89, April.
    2. Meyer, Jack, 1977. "Second Degree Stochastic Dominance with Respect to a Function," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(2), pages 477-87, June.
    3. Anderson, Jock R., 1974. "Risk Efficiency in the Interpretation of Agricultural Production Research," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 42(03), September.
    4. Drynan, Ross G., 1986. "A Note On Optimal Rules For Stochastic Efficiency Analysis," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 30(01), April.
    5. Drynan, Ross G., 1981. "Risk Attitudes Amongst Australian Farmers: A Comment," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 25(01), April.
    6. John S. Hammond, III, 1974. "Simplifying the Choice between Uncertain Prospects Where Preference is Nonlinear," Management Science, INFORMS, vol. 20(7), pages 1047-1072, March.
    7. Hadar, Josef & Russell, William R, 1969. "Rules for Ordering Uncertain Prospects," American Economic Review, American Economic Association, vol. 59(1), pages 25-34, March.
    8. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
    9. Hanoch, G & Levy, Haim, 1969. "The Efficiency Analysis of Choices Involving Risk," Review of Economic Studies, Wiley Blackwell, vol. 36(107), pages 335-46, July.
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