Abstract
As a way to approach decision making under risk or uncertainty, four dominance concepts — utility dominance, stochastic dominance, mean-variance dominance, and probability dominance — are reviewed. The characteristic features, the relative merits and shortcomings of these approaches are discussed. Main results and relationships among them are stated. The nondominated set of Ω (a set of random variables) is defined according to different dominance criteria, and interrelationships among them are discussed.
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© 1985 Springer-Verlag Wien
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Lee, YR., Stam, A., Yu, PL. (1985). Dominance Concepts in Random Outcomes. In: Serafini, P. (eds) Mathematics of Multi Objective Optimization. International Centre for Mechanical Sciences, vol 289. Springer, Vienna. https://doi.org/10.1007/978-3-7091-2822-0_2
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DOI: https://doi.org/10.1007/978-3-7091-2822-0_2
Publisher Name: Springer, Vienna
Print ISBN: 978-3-211-81860-2
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