| 书目名称 | Stochastic Dominance |
| 副标题 | Investment Decision |
| 编辑 | Haim Levy |
| 视频video | |
| 丛书名称 | Studies in Risk and Uncertainty |
| 图书封面 |  |
| 描述 | This book is devoted to investment decision-making under uncertainty. The book covers three basic approaches to this process: a) The stochastic dominance approach, developed on the foundation of von Neumann and Morgenstern‘ expected utility paradigm. 2 b) The mean-variance approach developed by Markowitz on the foundation of von-Neumann and Morgenstem‘s expected utility or simply on the assumption of a utility function based on mean and variance. c) The non-expected utility approach, focusing on prospect theory and its modi fied version, cumulative prospect theory. This theory is based on an experi mental finding that subjects participating in laboratory experiments often violate expected utility maximization: They tend to use · subjective probability beliefs that differ systematically from the objective probabilities and to base their decisions on changes in wealth rather than on total wealth. The above approaches are discussed and compared in this book. W e also discuss cases in which stochastic dominance rules coincide with the mean-variance rule and cases in which contradictions between these two approaches may occur. We then discuss the relationship between stochastic domin |
| 出版日期 | Book 19981st edition |
| 关键词 | Finance; Investment; Portfolio Selection; algorithms; decision making; distribution; diversification; econo |
| 版次 | 1 |
| doi | https://doi.org/10.1007/978-1-4757-2840-8 |
| isbn_ebook | 978-1-4757-2840-8Series ISSN 0926-972X |
| issn_series | 0926-972X |
| copyright | Springer Science+Business Media New York 1998 |
发表于 2025-3-21 19:48:15
