Weighted Utility and Optimism/Pessimism: A Decision-Theoretic Foundation of Various Stochastic Dominance Orders
成果类型：
Article
署名作者：
Wang, Tao; Lehrer, Ehud
署名单位：
Capital University of Economics & Business; Durham University
刊物名称：
AMERICAN ECONOMIC JOURNAL-MICROECONOMICS
ISSN/ISSBN：
1945-7669
DOI：
10.1257/mic.20220350
发表日期：
2024
页码：
210-223
关键词：
摘要：
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 if, the former is preferred by every optimistic (or pessimistic) decision maker. (JEL D11, D83)
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