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Stochastic Dominance Without Transitive Preferences


  • Peter C. Fishburn

    (Pennsylvania State University)


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.

Suggested Citation

  • Peter C. Fishburn, 1978. "Stochastic Dominance Without Transitive Preferences," Management Science, INFORMS, vol. 24(12), pages 1268-1277, August.
  • Handle: RePEc:inm:ormnsc:v:24:y:1978:i:12:p:1268-1277

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    References listed on IDEAS

    1. Jacob A. Mincer & Victor Zarnowitz, 1969. "The Evaluation of Economic Forecasts," NBER Chapters,in: Economic Forecasts and Expectations: Analysis of Forecasting Behavior and Performance, pages 3-46 National Bureau of Economic Research, Inc.
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    5. J. G. Cragg & Burton G. Malkiel, 1968. "The Consensus And Accuracy Of Some Predictions Of The Growth Of Corporate Earnings," Journal of Finance, American Finance Association, vol. 23(1), pages 67-84, March.
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    Cited by:

    1. Gravel, Nicolas & Moyes, Patrick, 2012. "Ethically robust comparisons of bidimensional distributions with an ordinal attribute," Journal of Economic Theory, Elsevier, vol. 147(4), pages 1384-1426.
    2. Nicolas Gravel & Patrick Moyes, 2013. "Utilitarianism or welfarism: does it make a difference?," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 40(2), pages 529-551, February.
    3. Nicolas Gravel & Brice Magdalou & Patrick Moyes, 2017. "Hammond’s Equity Principle and the Measurement of Ordinal Inequalities," AMSE Working Papers 1703, Aix-Marseille School of Economics, Marseille, France.
    4. Chan, Raymond H. & Clark, Ephraim & Wong, Wing-Keung, 2016. "On the Third Order Stochastic Dominance for Risk-Averse and Risk-Seeking Investors with Analysis of their Traditional and Internet Stocks," MPRA Paper 75002, University Library of Munich, Germany.
    5. Ephraim Clark & Octave Jokung, 1999. "A Note on Asset Proportions, Stochastic Dominance, and the 50% Rule," Management Science, INFORMS, vol. 45(12), pages 1724-1727, December.
    6. 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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