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Revisiting Almost Second-Degree Stochastic Dominance
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Journal Article
Revisiting Almost Second-Degree Stochastic Dominance
2013
Overview
Leshno and Levy [Leshno M, Levy H (2002) Preferred by \"all\" and preferred by \"most\" decision makers: Almost stochastic dominance.
Management Sci.
48(8):1074-1085] established almost stochastic dominance to reveal preferences for most rather than all decision makers with an increasing and concave utility function. In this paper, we first provide a counterexample to the main theorem of Leshno and Levy related to almost second-degree stochastic dominance. We then redefine this dominance condition and show that the newly defined almost second-degree stochastic dominance is the necessary and sufficient condition to rank distributions for all decision makers excluding the pathological concave preferences. We further extend our results to almost higher-degree stochastic dominance.
This paper was accepted by Peter Wakker, decision analysis.
Publisher
INFORMS,Institute for Operations Research and the Management Sciences
Subject
