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Revisiting Independence and Stochastic Dominance for Compound Lotteries

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Author Info
Alexander Zimper (University of Johannesburg)

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Abstract

We establish mathematical equivalence between independence of irrelevant alternatives and monotonicity with respect to first order stochastic dominance. This formal equivalence result between the two principles is obtained under two key conditions. Firstly, for all natural numbers m, each principle is defined on the domain of compound lotteries with compoundness level m. Secondly, the standard concept of reduction of compound lotteries applies.

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File URL: http://www.bepress.com/cgi/viewcontent.cgi?article=1444&context=bejte
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Publisher Info
Article provided by Berkeley Electronic Press in its journal The B.E. Journal of Theoretical Economics.

Volume (Year): 8 (2008)
Issue (Month): 1 ()
Pages:
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Handle: RePEc:bpj:bejtec:v:8:y:2008:i:1:n:12

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Related research
Keywords: normative theory of decision under risk;

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Find related papers by JEL classification:
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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