Fishburn and Vickson (Stochastic dominance: an approach to decision-making under risk, Lexington Books, D.C. Heath and Company, Lexington, pp. 39–113, <CitationRef CitationID="CR16">1978</CitationRef>) showed that, when applied to random alternatives with an equal mean, 3rd-degree and decreasing absolute risk aversion stochastic...</citationref>

This paper defines the rate of substitution of one stochastic change to a random variable for another. It then focuses on the case where one of these changes is an nth degree risk increase, and the other is an mth degree risk increase, where nm⩾1. The paper shows that the rate of substitution...