{"product_id":"9781441939838","title":"Studies in Risk and Uncertainty: Investment Decision Making under Uncertainty","description":"\u003ch1\u003eStudies in Risk and Uncertainty: Investment Decision Making under Uncertainty\u003c\/h1\u003e \u003ch2\u003eLevy, Haim\u003c\/h2\u003e \u003cp\u003eThis second edition of Stochastic Dominance is devoted to investment decision­ making under uncertainty. The book covers four basic approaches to this process: a) The stochastic dominance (SD) approach, developed on the foundation of von-Neumann and Morgenstem^ expected utiHty paradigm. b) The mean-variance approach developed by Markowitz^ on the foundation of von-Neumann and Morgenstern's expected utility or simply on the assumption of a utility function based on mean and variance. c) The \"almost\" stochastic dominance (ASD) rules and the \"almost\" me- variance rule (AMV). No matter whether one employs objective or subjective probabilities, the common stochastic dominance criteria and the mean variance rule may lead to paradoxes: they are unable to rank prospect A w^hich yields $1 with a probability of 0.01 and a million dollars with probability of 0.99, and prospect B which yields $2 with certainty. This is an absurdity as in any sample of subjects one takes, 100% of subjects choose A. The \"almost\" stochastic dominance criteria and \"almost\" mean variance rule, which have been recently been developed by Leshno and Levy in 2002^, suggest a remedy to such paradoxes.\u003c\/p\u003e \u003ch3\u003eDetails\u003c\/h3\u003e \u003cp\u003ePublished by: Springer\u003c\/p\u003e \u003cp\u003ePublication Date: 2010-11-25\u003c\/p\u003e \u003cp\u003eFormat: Paperback\u003c\/p\u003e \u003cp\u003eISBN-13: 9781441939838\u003c\/p\u003e \u003cp\u003eDOI: 10.1007\/0-387-29311-6\u003c\/p\u003e \u003cp\u003eDimensions: 235cm x155cm\u003c\/p\u003e \u003cp\u003ePages: 439\u003c\/p\u003e ","brand":"Springer US","offers":[{"title":"Default Title","offer_id":44316752871564,"sku":"9781441939838","price":242.1,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0710\/9545\/1788\/files\/9781441939838.jpg?v=1776435966","url":"https:\/\/fh90cf-fv.myshopify.com\/products\/9781441939838","provider":"Late Knight Books and Services, LLC","version":"1.0","type":"link"}