{"product_id":"stochastic-dominance-investment-decision-making-under-uncertainty-von-haim-levy-hrsg","title":"Stochastic Dominance","description":"This second edition of Stochastic Dominance is devoted to investment decision making under uncertainty. The book covers four basic approaches to this process: a) The stochastic dominance (SD) approach, developed on the foundation of von-Neumann and Morgenstem^ expected utiHty paradigm. b) The mean-variance approach developed by Markowitz^ on the foundation of von-Neumann and Morgenstern's expected utility or simply on the assumption of a utility function based on mean and variance. c) The \"almost\" stochastic dominance (ASD) rules and the \"almost\" me- variance rule (AMV). No matter whether one employs objective or subjective probabilities, the common stochastic dominance criteria and the mean variance rule may lead to paradoxes: they are unable to rank prospect A w^hich yields $1 with a probability of 0.01 and a million dollars with probability of 0.99, and prospect B which yields $2 with certainty. This is an absurdity as in any sample of subjects one takes, 100% of subjects choose A. The \"almost\" stochastic dominance criteria and \"almost\" mean variance rule, which have been recently been developed by Leshno and Levy in 2002^, suggest a remedy to such paradoxes.\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9781441939838\"\u003e\u003ch3\u003eInvestment Decision Making under Uncertainty\u003c\/h3\u003e\u003c\/div\u003e","brand":"Libri","offers":[{"title":"Softcover - 9781441939838","offer_id":39416847171677,"sku":"9781441939838","price":213.99,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/8fa632f4-e799-449e-b7b7-9320e6c07184.jpg?v=1775794333","url":"https:\/\/shop.autorenwelt.de\/products\/stochastic-dominance-investment-decision-making-under-uncertainty-von-haim-levy-hrsg","provider":"Autorenwelt Shop","version":"1.0","type":"link"}