Overview

This book is devoted to investment decision-making under uncertainty. The book covers three basic approaches to this process: the stochastic dominance approach; the mean-variance approach; and the non-expected utility approach, focusing on prospect theory and its modified version, cumulative prospect theory. Each approach is discussed and compared. In addition, this volume examines cases in which stochastic dominance rules coincide with the mean-variance rule and considers how contradictions between these two approaches may occur.

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9780387293028

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From the reviews of the second edition: <p> This book is an economics book about stochastic dominance. a ] is certainly a valuable reference for graduate students interested in decision making under uncertainty. It investigates and compares different approaches and presents many examples. Moreover, empirical studies and experimental results play an important role in this book, which makes it interesting to read. (Nicole BAuerle, Mathematical Reviews, Issue 2007 d)

From the reviews of the second edition: This book is an economics book about stochastic dominance. ! is certainly a valuable reference for graduate students interested in decision making under uncertainty. It investigates and compares different approaches and presents many examples. Moreover, empirical studies and experimental results play an important role in this book, which makes it interesting to read. (Nicole Bauerle, Mathematical Reviews, Issue 2007 d)

From the reviews of the second edition: ""This book is an economics book about stochastic dominance. ... is certainly a valuable reference for graduate students interested in decision making under uncertainty. It investigates and compares different approaches and presents many examples. Moreover, empirical studies and experimental results play an important role in this book, which makes it interesting to read."" (Nicole Bauerle, Mathematical Reviews, Issue 2007 d)

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