Somewhere Between Utopia and Dystopia: Choosing From Multiple Incomparable Prospects
介于乌托邦与反乌托邦之间:多个不可比较前景的选择
In many fields of decision making, choices have to be made from multiple alternatives, but stochastic dominance rules do not yield a complete ordering due to incomparability of some or all of the prospects. For ranking incomparable prospects, a “Utopia Index” measuring the proximity to a lower envelope of integrated distribution functions is proposed. Economic interpretations in terms of Expected Utility are provided for the envelope and deviations from it. The analysis…