Mixtures of Mean-Preserving Contractions

Joseph Whitmeyer and Mark Whitmeyer

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Abstract: Given a purely atomic probability measure with support on n points, P, any mean-preserving contraction (mpc) of P, Q, with support on m > n points is a mixture of mpcs of P, each with support on most n points. We illustrate an application of this result in economics.

Date: 2019-05, Revised 2020-09
New Economics Papers: this item is included in nep-gth
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