Safety-First Criteria and Their Measures of Risk
A cardinal measure of risk which represents the safety-first criteria is defined. The functional form of that measure is determined for a subgroup of risk-averse agents that do not have money illusion. An empirical illustration of possible applications of that measure shows a method of identifying the subgroup of agents for which a given alternative dominates the others—in a group of risky alternatives when none of these alternatives dominates any of the others according to the first and the second criteria of stochastic dominance. Copyright 1996, Oxford University Press.
Year of publication: |
1996
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Authors: | Bigman, David |
Published in: |
American Journal of Agricultural Economics. - Agricultural and Applied Economics Association - AAEA. - Vol. 78.1996, 1, p. 225-235
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Publisher: |
Agricultural and Applied Economics Association - AAEA |
Saved in:
Online Resource
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