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Describing And Identifying The Complete Set Of Stochastically Efficient Mixtures Of Risky Alternatives

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  • McCamley, Francis
  • Kliebenstein, James B.

Abstract

Target MOTAD illustrates one strategy for computing stochastically efficient mixtures. For many applications, it may be the best method. However, it does not always identify all stochastically efficient mixtures. A method which can do this is proposed. It is explained by applying it to data from Anderson, Dillon and Hardaker.

Suggested Citation

  • McCamley, Francis & Kliebenstein, James B., 1985. "Describing And Identifying The Complete Set Of Stochastically Efficient Mixtures Of Risky Alternatives," 1985 Annual Meeting, August 4-7, Ames, Iowa 278551, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea85:278551
    DOI: 10.22004/ag.econ.278551
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    File URL: https://ageconsearch.umn.edu/record/278551/files/aaea-1985-033.pdf
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    References listed on IDEAS

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    1. Fishburn, Peter C, 1977. "Mean-Risk Analysis with Risk Associated with Below-Target Returns," American Economic Review, American Economic Association, vol. 67(2), pages 116-126, March.
    2. McCamley, Francis P. & Kliebenstein, James B., 1985. "Necessary conditions for first, second and third degree stochastic dominance efficiency of enterprise mixtures," WAEA/ WFEA Conference Archive (1929-1995) 291723, Western Agricultural Economics Association.
    3. Anderson, Jock R. & Dillon, John L. & Hardaker, Brian, 1977. "Agricultural Decision Analysis," Monographs: Applied Economics, AgEcon Search, number 288652, July.
    4. Vijay S. Bawa & Eric B. Lindenberg & Lawrence C. Rafsky, 1979. "An Efficient Algorithm to Determine Stochastic Dominance Admissible Sets," Management Science, INFORMS, vol. 25(7), pages 609-622, July.
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