Market behavior when preferences are generated by second-order stochastic dominance (Q707380)
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scientific article; zbMATH DE number 2132921
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| English | Market behavior when preferences are generated by second-order stochastic dominance |
scientific article; zbMATH DE number 2132921 |
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Market behavior when preferences are generated by second-order stochastic dominance (English)
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9 February 2005
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From the author's abstract: We develop a theory of decision making and general equilibrium for contingent markets when incomplete preferences are generated by second order stochastic dominance. Demand, Pareto-optimality and equilibria dominance are fully characterized. Demands and equilibrium allocations are non-increasing functions of the pricing density and Pareto-optimal allocations are comonotone.
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equilibrium
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0.8440553
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0.8421128
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0.84180206
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0.8399166
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0.83668226
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0.8320801
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0.83045226
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