April 2016
Intermediate to advanced
284 pages
9h 26m
English
book
Practical Spreadsheet Risk Modeling for Management
by Dale Lehman, Huybert Groenendaal, Greg Nolder
Content preview from Practical Spreadsheet Risk Modeling for Management
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Optimization and Decision Making 241
reached, meaning that D has a greater probability of attaining yet higher
levels.) Conversely, a risk-averse decision maker will prefer to avoid riskier
outcomes and may prefer C to D. In general, such comparisons are often
ambiguous and highly dependent on the decision maker’s preferences, so it
is advisable to use tools such as simulation tables to compare the distribu-
tions for different decisions fully.
Sometimes a stochastic dominance test may help. A distribution domi-
nates another in the second degree when any risk-averse decision maker
would prefer one to the other. A simple exampl ...
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