LL-Almost Stochastic Dominance (LL-ASD) is a relaxation of the Stochastic Dominance (SD) concept proposed by Leshno and Levy that explains more of realistic preferences observed in practice than SD alone does. Unfortunately, numerical applications of this concept, such as identifying if a given...

This paper points out the importance of Stochastic Dominance (SD) efficient sets being convex. We review classic convexity and efficient set characterization results on SD efficiency of a given portfolio relative to a diversified set of assets and generalize them in the following aspects. First,...

For more than three decades, empirical analysis of stochastic dominance was restricted to settings with mutually exclusive choice alternatives. In recent years, a number of methods for testing efficiency of diversified portfolios have emerged, which can be classified into three main categories:...

For more than three decades, empirical analysis of stochastic dominance was restricted to settings with mutually exclusive choice alternatives. In recent years, a number of methods for testing efficiency of diversified portfolios have emerged, which can be classified into three main categories:...