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| Author: | Levy, H. |
| Title: | Stochastic dominance and expected utility: Survey and analysis |
| Journal: | Management Science
1992 : APR, VOL. 38:4, p. 555-593 |
| Index terms: | ECONOMICS STOCHASTIC PROCESSES STATISTICS FINANCIAL ANALYSIS SURVEYS |
| Language: | eng |
| Abstract: | Stochastic dominance is presently employed in various areas of economics, finance and statistics. While its has been employed in various forms as early as 1932, it has only been since 1970 that the notion has been applied in the various areas of economics. A survey is presented of stochastic dominance, and the first-, second- and third-order stochastic rules are discussed with a spacial emphasis on the development since the 1980s. The four main areas that have developed mostly are: further theoretical development, application of stochastic dominance rules to empirical data, application of these rules to other economic and financial issues, and to statistics. |
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