Stochastic Dominance Without Transitive Preferences
AbstractTraditional 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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Bibliographic InfoArticle provided by INFORMS in its journal Management Science.
Volume (Year): 24 (1978)
Issue (Month): 12 (August)
probability: stochastic model applications; probability: distribution comparisons; utility/preference: applications;
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