The Stochastic Optimization Problem is well known in mathematics and operations research. Due to increasing demands for performance improvement together with reduced weight and costs the introduction of uncertainties into optimization problems in mechanical engineering is also necessary. In a...

The Stochastic Optimization Problem is well known in mathematics and operations research. Due to increasing demands for performance improvement together with reduced weight and costs the introduction of uncertainties into optimization problems in mechanical engineering is also necessary. In a...

This paper considers choice between individual projects and shows that when the choice set includes arbitrary distributions, then any assumed relationship between expected utility theory and general moment preferences for individual decision makers is theoretically unsound. In particular, a risk...