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Somewhere between utopia and dystopia: Choosing from multiple incomparable prospects

机译：Somewhere between utopia and dystopia: Choosing from multiple incomparable prospects

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摘要

In decision making, choices have to be made from multiple alternatives where incomparability of some or all of the prospects does exist under stochastic dominance rules. For ranking incomparable prospects, a utopia index measuring the proximity to a lower envelope of integrated distribution functions is proposed. The economic interpretations in terms of expected utility are provided for the envelope and derivations from it. The article generalizes the existing, almost stochastic, dominance concept from pairwise comparison to a joint analysis of an arbitrary number of prospects. The limit distribution for the empirical counterpart of the index for a general class of dynamic process is derived together with a consistent and feasible inference procedure based on subsampling techniques. Application of the proposed approach to real time data on household income shows that in every choice set, a single prospect is ranked above all alternatives at conventional significance levels despite the incomparability problem.

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