Generalized stochastic dominance and bad outcome aversion
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Abstract
Incomplete preferences over lotteries on a ¯nite set of alternatives satisfying, besides independence and continuity, a property called bad outcome aversion are considered. These preferences are characterized in terms of their speci¯c multi-expected utility representations (cf. Dubra et al., 2004), and can be seen as generalized stochastic dominance preferences.mathematical economics;