We examine low-to-middle income individuals’ responses to the 2013 payroll tax increase and their 2012 tax refund and find that consumption  declines  90 cents per dollar lost to the tax increase, and  rises  60 cents per additional tax refund dollar.

This study establishes necessary conditions for Almost Stochastic Dominance criteria of various orders. These conditions take the form of restrictions on algebraic combinations of moments of the probability distributions in question. The relevant set of conditions depends on the relevant order...

Both the expected-utility maximization and the hierarchy property are very important properties in stochastic dominance. For almost stochastic dominance, Leshno and Levy (2002) propose a definition and Tzeng et al. (2013) modified it to give another definition. This note provides more...