Weighted utility and optimism/pessimism: a decision-theoretic foundation of various stochastic dominance orders
We show that a probability distribution likelihood ratio dominates another distribution if and only if, for every weighted utility function, the former is preferred over the latter. Likewise, a probability distribution hazard rate (or reverse hazard rate) dominates another distribution if and only i...
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| Veröffentlicht in: | American economic journal. Microeconomics 2024-02, Vol.16 (1), p.210-223 |
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| Format: | Artikel |
| Sprache: | eng |
| Online-Zugang: | Volltext |
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