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Stochastic Dominance in Regret Theory

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  • Quiggin, John

Abstract

The regret theory of choice under uncertainty is known to admit intransitivities in preference relations. In this paper, the stochastic dominance properties of the theory are examined. It is shown that the usual definition of first stochastic dominance is not satisfied by regret-theoretic preferences and that, in general, violations of first stochastic dominance are not merely permitted but required. An exact characterization of the stochastic dominance rule corresponding to regret-theoretic preferences is presented. This concept is weaker than the usual definition, but stronger than the notion of statewise dominance in which one prospect yields a preferred outcome with probability one. Copyright 1990 by The Review of Economic Studies Limited.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 57 (1990)
Issue (Month): 3 (July)
Pages: 503-11

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Handle: RePEc:bla:restud:v:57:y:1990:i:3:p:503-11

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Cited by:
  1. Rolf Aaberge & Magne Mogstad, 2009. "On the Measurement of Long-Term Income Inequality and Income Mobility," ICER Working Papers 09-2009, ICER - International Centre for Economic Research.
  2. Sarin, R. & Wakker, P.P., 1996. "A Single-Stage Approach to Anscombe and Aumann's Expected Utility," Discussion Paper 1996-45, Tilburg University, Center for Economic Research.
  3. Bell, Michelle L. & Hobbs, Benjamin F. & Ellis, Hugh, 2003. "The use of multi-criteria decision-making methods in the integrated assessment of climate change: implications for IA practitioners," Socio-Economic Planning Sciences, Elsevier, vol. 37(4), pages 289-316, December.
  4. Moreno Jiménez, J.Mª & Escobar Urmeneta, Mª T., 2000. "El pesar en el proceso analítico jerárquico1," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 14, pages 95-115, Abril.
  5. Han Bleichrodt & Jose Luis Pinto-Prades, 2006. "A New Type of Preference Reversal," Working Papers 06.18, Universidad Pablo de Olavide, Department of Economics.

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