Please use this identifier to cite or link to this item: http://scholarbank.nus.edu.sg/handle/10635/137742
Title: CLEAR PREFERENCES UNDER PARTIAL INFORMATION ON UTILITY AND PROBABILITY MEASURES
Authors: LUO CHUNLING
Keywords: preference, almost stochastic dominance, weighted almost stochastic dominance, utility, interval, probability distribution
Issue Date: 18-Jul-2017
Source: LUO CHUNLING (2017-07-18). CLEAR PREFERENCES UNDER PARTIAL INFORMATION ON UTILITY AND PROBABILITY MEASURES. ScholarBank@NUS Repository.
Abstract: Stochastic dominance (SD) conditions often assume complete distribution information, which is rarely available in practice. To address this, we obtain the necessary and sufficient conditions for weighted almost SD when only distribution moments are available. An interesting insight is that finite distribution moments can be sufficient for clear preferences in practice. In addition, we derive the necessary and sufficient conditions for almost SD when only distribution supports are known. We show that these conditions can be efficiently implemented within robust optimization formulations to eliminate overly conservative solutions. Third, we propose almost SD conditions for problems with action-dependent utility/loss functions and illustrate how they can be used to compare between contaminants in the environment whose loss functions are poorly understood and can differ from each other.
URI: http://scholarbank.nus.edu.sg/handle/10635/137742
Appears in Collections:Ph.D Theses (Open)

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