Gao, Jianwei; Zhao, Feng; Gu, Yundong - In: Economics: The Open-Access, Open-Assessment E-Journal 12 (2018) 2018-1, pp. 1-15
A counterexample is presented to show that the sufficient condition for one transformation dominating another by the second degree stochastic dominance, proposed by Theorem 5 of Levy (Stochastic dominance and expected utility: Survey and analysis, 1992), does not hold. Then, by restricting the...