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Stochastic Dominance Without Transitive Preferences

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  • Peter C. Fishburn

    (Pennsylvania State University)

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    Abstract

    Traditional definitions of stochastic dominance assume that the decision agent's preference-or-indifference relation on outcomes of risky decisions is transitive. This paper proposes a stochastic dominance relation for the comparison of risky decisions that is applicable to any complete and reflexive preference-or-indifference relation, or to any asymmetric preference relation. The new dominance relation possesses a number of intuitively desirable properties and is equivalent to the usual stochastic dominance relation when preferences are transitive.

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    File URL: http://dx.doi.org/10.1287/mnsc.24.12.1268
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    Bibliographic Info

    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 24 (1978)
    Issue (Month): 12 (August)
    Pages: 1268-1277

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    Handle: RePEc:inm:ormnsc:v:24:y:1978:i:12:p:1268-1277

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    Related research

    Keywords: probability: stochastic model applications; probability: distribution comparisons; utility/preference: applications;

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    Cited by:
    1. Patrick MOYES (GREThA, CNRS, UMR 5113) & Nicolas GRAVEL (Aix-Marseille University and AMSE (GREQAM)), 2011. "Ethically Robust Comparisons of Bidimensional Distributions with an Ordinal Attribute," Cahiers du GREThA 2011-36, Groupe de Recherche en Economie Théorique et Appliquée.
    2. Nicolas Gravel & Patrick Moyes, 2013. "Utilitarianism or welfarism: does it make a difference?," Social Choice and Welfare, Springer, vol. 40(2), pages 529-551, February.
    3. Patrick MOYES (GREThA, CNRS, UMR 5113), 2011. "Rearrangements and Sequential Rank Order Dominance. A Result with Economic Applications," Cahiers du GREThA 2011-35, Groupe de Recherche en Economie Théorique et Appliquée.

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