Third-degree stochastic dominance and axioms for a convex marginal utility function (Q5932332)
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scientific article; zbMATH DE number 1596120
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Third-degree stochastic dominance and axioms for a convex marginal utility function |
scientific article; zbMATH DE number 1596120 |
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Third-degree stochastic dominance and axioms for a convex marginal utility function (English)
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25 February 2002
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Given a set of random incomes on a finite probability space, necessary and sufficient conditions for third-degree stochastic dominance over this set are studied. A set of axioms for convexity of the marginal utility function of income, is given. The author provides a unified analytical framework for stochastic dominance of the first, second and third degree.
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decision theory
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random incomes
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third-degree stochastic dominance
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convexity
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marginal utility function of income
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