Stochastic Dominance and Expected Utility: Survey and Analysis

Haim Levy
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Haim Levy: The Jerusalem School of Business Administration, Hebrew University of Jerusalem, Mount Scopus, Jerusalem, Israel and University of Florida

Management Science, 1992, vol. 38, issue 4, 555-593

Abstract: While Stochastic Dominance has been employed in various forms as early as 1932, it has only been since 1969--1970 that the notion has been developed and extensively employed in the area of economics, finance, agriculture, statistics, marketing and operations research. In this survey, the first-, second- and third-order stochastic dominance rules are discussed with an emphasis on the development in the area since the 1980s.

Keywords: stochastic dominance application; risky investment choice; stochastic dominance; theory; decision analysis; choice under uncertainty; decision-making; valuation theory: utility/preference theory; risk (search for similar items in EconPapers)
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:38:y:1992:i:4:p:555-593

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