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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- Patrick MOYES (GREThA, CNRS, UMR 5113) & Nicolas GRAVEL (Aix-Marseille University and AMSE (GREQAM)), 2011.
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- 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.
- Nicolas Gravel & Patrick Moyes, 2011. "Utilitarianism or Welfarism: Does it Make a Difference?," Working Papers halshs-00634010, HAL.
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