Stochastic Dominance Analysis Without the Independence Axiom
研究了一大类非期望效用偏好（如均值方差偏好和前景理论偏好）与随机序（如不同阶的随机占优）的一致性，基于新的决策理论结果给出了偏好的行为解释，并揭示了损失厌恶与审慎的不兼容性。
We characterize the consistency of a large class of nonexpected utility preferences (including mean-variance preferences and prospect theory preferences) with stochastic orders (for example, stochastic dominances of different degrees). Our characterization rests on a novel decision theoretic result that provides a behavioral interpretation of the set of all derivatives of the functional representing the decision maker’s preferences. As an illustration, we consider in some detail prospect theory and choice-acclimating preferences, two popular models of reference dependence under risk, and we show the incompatibility of loss aversion with prudence. This paper was accepted by James Smith, decision analysis.