Imprecise stochastic orders and fuzzy rankings

Ignacio Montes (), Enrique Miranda () and Susana Montes ()
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Ignacio Montes: Carlos III University
Enrique Miranda: University of Oviedo
Susana Montes: University of Oviedo

Fuzzy Optimization and Decision Making, 2017, vol. 16, issue 3, No 3, 297-327

Abstract: Abstract We extend the notion of stochastic order to the pairwise comparison of fuzzy random variables. We consider expected utility, stochastic dominance and statistical preference, which are related to the comparisons of the expectations, distribution functions and medians of the underlying variables, and discuss how to generalize these notions to the fuzzy case, when an epistemic interpretation is given to the fuzzy random variables. In passing, we investigate to which extent the earlier extensions of stochastic dominance and expected utility to the comparison of sets of random variables can be useful as fuzzy rankings.

Keywords: Fuzzy sets; Fuzzy random variables; Stochastic dominance; Statistical preference; Expected utility; Fuzzy rankings (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1007/s10700-016-9251-y

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