We present two complementing selection procedures for comparing simulated systems based on the stochastic dominance relationship of a performance metric of interest. The decision maker specifies an output quantile set representing a section of the distribution of the metric, e.g., downside or...

The design of a comprehensive social security system is a critical issue to many countries and regions. This paper presents a comparative economic welfare analysis on typical social security systems from the viewpoints of “all-generation welfare” and “each-generation welfare,” respectively....