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Efficiency, equity, and generalized Lorenz dominance

Kleiber, Christian and Krämer, Walter. (2003) Efficiency, equity, and generalized Lorenz dominance. Estadística, Vol. 55. pp. 173-186.

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Official URL: http://edoc.unibas.ch/dok/A5252909

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Abstract

We decompose the generalized Lorenz order into a size and a distribution component. The former is represented by stochastic dominance, the latterby the standard Lorenz order. We show that it is always possible, given generalized Lorenz dominance between two distributions F and G, to find distributions H1 and H2 such that F stochastically dominates H1 and H1 Lorenz-dominates G, and such that F Lorenz-dominates H2 and H2 stochastically dominates G. We also show that generalized Lorenz dominance is characterized by this property and discuss the implications of these results for choice under risk.
Faculties and Departments:06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Ökonometrie und Statistik (Kleiber)
UniBasel Contributors:Kleiber, Christian
Item Type:Article, refereed
Article Subtype:Research Article
Bibsysno:Link to catalogue
Publisher:IASI Inter-American Statistical Institute
Note:Publication type according to Uni Basel Research Database: Journal article
Last Modified:22 Mar 2012 14:31
Deposited On:22 Mar 2012 14:18

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