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Inverse Stochastic Dominance and Yaari's Model

Author

Listed:
  • Chateauneuf, A.
  • Wilthien, P.-H.

Abstract

In this paper, we show that the third inverse stochastic dominances introduced by Muliere and Scarsini (1989) is nicely connected with the Yaari's dual model. We show especially that the third inverse stochastic dominance is closely linked with the non-negativity of third derivative of the decision-maker's frequency transformation function f. We also give new simple proofs for the known characterizations of first and second (inverse) stochastic dominances through signs of first and second derivatives in the case of differentiable f.

Suggested Citation

  • Chateauneuf, A. & Wilthien, P.-H., 1999. "Inverse Stochastic Dominance and Yaari's Model," Papiers d'Economie Mathématique et Applications 1999-95, Université Panthéon-Sorbonne (Paris 1).
  • Handle: RePEc:fth:pariem:1999-95
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    More about this item

    Keywords

    INCOME ; EQUITY ; RISK ; DISTRIBUTION;

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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