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  • 1
    Electronic Resource
    Electronic Resource
    A model of comparative statics for changes in stochastic returns with dependent risky assets (1996)
    Springer
    Journal of risk and uncertainty 13 (1996), S. 147-162 
    Details
    ISSN: 1573-0476
    Keywords: changes in risk ; linear stochastic dominance ; central dominance ; portfolio decision ; dependent risky assets ; D8 ; G11
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In this article, we show how the order of Linear Stochastic Dominance proposed by Gollier (1995) can be applied to situations with dependent risky assets. This order was shown to be the least constrained necessary and sufficient condition to guarantee that all risk-averse agents reduce their risky position when an increase in risk is imposed. This was done in a model with only one source of risk, as in the standard portfolio problem with one safe asset and one risky asset. We obtain the necessary and sufficient condition for a change in the joint distribution of returns to yield an unambiguous comparative statics result when the two assets are risky. We show in particular that the concept of Linear Stochastic Dominance is sufficient to generate the desired result. These results are linked to existing sufficient conditions in the one-safe-one-risky-asset model, as the condition of strong increase in risk or the monotone likelihood ratio order. They are also compared to those in models where restrictions are on the set of concave utility functions.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00057865
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    Paper (German National Licenses)
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  • 2
    Electronic Resource
    Electronic Resource
    Economics of Radiation Protection: Equity Considerations (1997)
    Springer
    Theory and decision 43 (1997), S. 241-251 
    Details
    ISSN: 1573-7187
    Keywords: Radiation protection ; equity ; economics of uncertainty ; optimisation
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract In order to implement cost-benefit analysis of protective actions to reduce radiological exposures, one needs to attribute a monetary value to the avoided exposure. Recently, the International Commission on Radiological Protection has stressed the need to take into consideration not only the collective exposure to ionising radiation but also its dispersion in the population. In this paper, by using some well known and some recent results in the economics of uncertainty, we discuss how to integrate these recommendations in the valuation of the benefit of protection.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1004958909249
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    Paper (German National Licenses)
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