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Approximating A Gsd-Efficient Set Of Mixtures Of Risky Alternatives For Risk Averse Decision Makers

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  • McCamley, Francis

Abstract

Conditions for a restricted version of GSD-efficiency of mixtures of risky alternatives are reviewed. These conditions and other characteristics of the (restricted) GSD-efficient set form the basis of a tentative procedure for approximating this efficient set. Hazell's data are used to illustrate a critical aspect of the procedure.

Suggested Citation

  • McCamley, Francis, 1988. "Approximating A Gsd-Efficient Set Of Mixtures Of Risky Alternatives For Risk Averse Decision Makers," 1988 Annual Meeting, August 1-3, Knoxville, Tennessee 270301, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea88:270301
    DOI: 10.22004/ag.econ.270301
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    References listed on IDEAS

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    1. McCamley, Francis & Kliebenstein, James B., 1986. "Necessary Conditions For Dsd Efficiency Of Mixtures Of Risky Alternatives," 1986 Annual Meeting, July 27-30, Reno, Nevada 278149, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. P. B. R. Hazell, 1971. "A Linear Alternative to Quadratic and Semivariance Programming for Farm Planning under Uncertainty," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 53(1), pages 53-62.
    3. McCamley, Francis P. & Kliebenstein, James B., 1987. "Identifying The Set Of Ssd-Efficient Mixtures Of Risky Alternatives," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 12(1), pages 1-9, July.
    4. McCamley, F. P. & Kliebenstein, James, 1986. "Necessary Conditions for Generalized Stochastic Dominance Efficiency of Mixtures of Risky Alternatives," Staff General Research Papers Archive 10627, Iowa State University, Department of Economics.
    5. P. B. R. Hazell, 1971. "A Linear Alternative to Quadratic and Semivariance Programming for Farm Planning under Uncertainty: Reply," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 53(4), pages 664-665.
    6. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
    7. Dybvig, Philip H & Ross, Stephen A, 1982. "Portfolio Efficient Sets," Econometrica, Econometric Society, vol. 50(6), pages 1525-1546, November.
    8. Vijay S. Bawa & Eric B. Lindenberg & Lawrence C. Rafsky, 1979. "An Efficient Algorithm to Determine Stochastic Dominance Admissible Sets," Management Science, INFORMS, vol. 25(7), pages 609-622, July.
    9. McCamley, F. P. & Kliebenstein, James, 1987. "Identifying the Set of Ssd Efficient Mixtures of Risky Alternatives," Staff General Research Papers Archive 10626, Iowa State University, Department of Economics.
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