This paper explains the equivalence of Tail Conditional Expectation (TCE), a measure of downside risk, and second-degree stochastic dominance. We also establish sufficient conditions for a distribution change leading to a TCE reduction in portfolio choices with one risky and risk-free asset,...

Designing low-carbon urban transport systems is a key element in realising low-carbon cities for tackling the climate change issues on an urban scale. Low-carbon transport measures can be classified according to their strategies and instruments. It is more useful for decision making to identify...