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Social Choice and Welfare
Published in: Social Choice and Welfare 3/2018

12-04-2018 | Original Paper

Increasing discriminatory power in well-being analysis using convex stochastic dominance

Authors: Gordon Anderson, Thierry Post

Published in: Social Choice and Welfare | Issue 3/2018

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Abstract

The complementary concepts of Stochastic Dominance Optimality and Stochastic Dominance Inferiority are developed and employed to detect collections of distributions with the highest and lowest levels of shared prosperity respectively. These resulting sets can be smaller than the standard sets of maximal and minimal elements based on multiple pairwise comparisons. Linear Programming techniques for implementing the twin concepts are derived and implemented in empirical and simulated examples based on aggregated income distributions to demonstrate the potential gains in discriminatory power.
previous article Multiwinner analogues of the plurality rule: axiomatic and algorithmic perspectives
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Literature
Anderson G (1996) Nonparametric tests of stochastic dominance in income distributions. Econometrica 64:1183–1193CrossRef
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Linton OB, Maasoumi E, Whang Y-J (2005) Consistent testing for stochastic dominance under general sampling schemes. Rev Econ Stud 72:735–765CrossRef
Marshall AW, Olkin I (1979) Inequalities: theory of majorization and its applications. Academic Press Inc, New York
Moulin H (1985) Choice functions over a finite set: a summary. Soc Choice Welf 2:147–160CrossRef
Post Th (2003) Empirical tests for stochastic dominance efficiency. J Financ 58:1905–1932CrossRef
Post Th (2017) Empirical tests for stochastic dominance optimality. Rev Financ 21:793–810
Metadata
Title
Increasing discriminatory power in well-being analysis using convex stochastic dominance
Authors
Gordon Anderson
Thierry Post
Publication date
12-04-2018
Publisher
Springer Berlin Heidelberg
Published in
Social Choice and Welfare / Issue 3/2018
Print ISSN: 0176-1714
Electronic ISSN: 1432-217X
DOI
https://doi.org/10.1007/s00355-018-1127-3

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