Stochastic dominance tests for ranking alternatives under ambiguity |
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| Institution: | 1. Key Laboratory of Agricultural Soil and Water Engineering in Arid and Semiarid Areas, Ministry of Education, Northwest A&F University, Yangling 712100, China;2. Center for Agricultural Water Research in China, China Agricultural University, Beijing 100083, China;3. Institute for Climate and Atmospheric Science, School of Earth and Environment, University of Leeds, Leeds LS2 9JT, UK |
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| Abstract: | Ambiguity in decision making is a condition associated with the existence of one-to-many, or more generally, many-to-many relations between outcomes and probabilities of outcomes. The current use of stochastic dominance tests to rank decision alternatives assumes that outcome probability distributions are unambiguous. This paper first establishes procedures to identify an envelope of the ambiguously-described probability-outcome mapping, then extends stochastic dominance theorems to provide tests that partition alternatives into dominated and non-dominated sets. |
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