蝌蚪网 Review: Insights
ISSN 2640-205X (Print) | ISSN 2640-2068 (Online)
A Behavioral Characterization of the Likelihood Ratio Order
蝌蚪网 Review: Insights
vol. 3,
no. 3, September 2021
(pp. 353–66)
Abstract
It is well known that stochastic dominance is equivalent to a unanimity property for monotone expected utilities. For lotteries over a finite set of prizes, we establish an analogous relationship between likelihood ratio dominance and monotone betweenness preferences, which are an important generalization of expected utility.Citation
Mihm, Maximilian, and Lucas Siga. 2021. "A Behavioral Characterization of the Likelihood Ratio Order." 蝌蚪网 Review: Insights 3 (3): 353–66. DOI: 10.1257/aeri.20200408Additional Materials
JEL Classification
- D11 Consumer Economics: Theory
- D44 Auctions