A new characterization of second-order stochastic dominance
给出了二阶随机占优（即递增凹序）的一个新刻画，该结果直观地解释了在不利情景下加入负期望值的风险会使风险厌恶者的处境更糟，并讨论了在风险管理和保险中的应用。
We provide a new characterization of second-order stochastic dominance, also known as increasing concave order. The result has an intuitive interpretation that adding a risk with negative expected value in adverse scenarios makes the resulting position generally less desirable for risk-averse agents. A similar characterization is also found for convex order and increasing convex order. The proof techniques for the main result are based on properties of Expected Shortfall, a family of risk measures that is popular in banking and insurance regulation. Applications in risk management and insurance are discussed.