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Necessary conditions for first, second and third degree stochastic dominance efficiency of enterprise mixtures

Author

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  • McCamley, Francis P.
  • Kliebenstein, James B.

Abstract

Variations of a result by Dybvig and Ross provide necessary conditions for the FSD, SSD and TSO efficiency of enterprise mixtures. Several of their perfect market portfolio problem results are adapted to the enterprise mixture problem. The results imply that the sets of enterprise mixtures which satisfy the necessary conditions for FSD, SSD and TSO efficiency are unions of finite numbers of convex subsets. Linear programming can be used to determine whether a particular mixture and the (appropriately defined) convex subset to which it belongs satisfy these conditions. These ideas are illustrated by applying them to a simple example.

Suggested Citation

  • McCamley, Francis P. & Kliebenstein, James B., 1985. "Necessary conditions for first, second and third degree stochastic dominance efficiency of enterprise mixtures," WAEA/ WFEA Conference Archive (1929-1995) 291723, Western Agricultural Economics Association.
    • Handle: RePEc:ags:waeaar:291723
    DOI: 10.22004/ag.econ.291723
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    1. McCamley, Francis & Kliebenstein, James B., 1985. "Describing And Identifying The Complete Set Of Stochastically Efficient Mixtures Of Risky Alternatives," 1985 Annual Meeting, August 4-7, Ames, Iowa 278551, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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    Keywords

    Agricultural and Food Policy;

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