The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Mar, 1975, Volume 43, Issue 2
https://doi.org/0012-9682(197503)43:2<283:APCOER>2.0.CO;2-1
p. 283-292
B. Peleg, M. E. Yaari
Recently, a partial ordering "more risky than" on the set of distribution functions has been established by several authors. The following problem is investigated in this paper: characterize the maximal elements (efficient points) in the above ordering of a given set X of random variables. For a closed and convex set X of discrete random variables we give an essentially complete characterization of the efficient random variables by means of their systems of efficiency prices.
