We introduce a ranking of multidimensional alternatives, including un- certain prospects as a particular case, when these objects can be given a matrix form. This ranking is separable in terms of rows and columns, and continuous and monotonic in the basic quantities. Owing to the theory of...

Stochastic dominance permits a partial ordering of alternatives (probability distributions on consequences) based only on partial information about a decision maker’s utility function. Univariate stochastic dominance has been widely studied and applied, with general agreement on classes of...

Nutrients are the number one water pollution problem for U.S. lakes, reservoirs, and ponds. Excessive nutrients, such as nitrogen and phosphorus, lead to eutrophication, a condition that can include low oxygen levels, noxious algal blooms, and fish kills. Since eutrophication is a condition that...

RESUMENLa valoración económica de bienes ambientales complejos presenta una serie de aspectos problemáticos. Este trabajo se centra en dos de ellos: la linealidad de los atributos en función de valor de estos bienes y la heterogeneidad en las funciones de utilidad de los individuos. Para...

RESUMEN La valoración económica de bienes ambientales complejos presenta una serie de aspectos problemáticos. Este trabajo se centra en dos de ellos: la linealidad de los atributos en función de valor de estos bienes y la heterogeneidad en las funciones de utilidad de los individuos. Para...

This paper studies life-cycle preferences over consumption and health status. We show that cost-effectiveness analysis is consistent with cost-benefit analysis if the Lifetime utility function is additive over time, multiplicative in the utility of consumption and the utility of health status,...