摘要： Marginal Conditional Stochastic Dominance (MCSD) developed by Shalit and Yitzhaki (1994) gives the conditions under which all risk-averse individuals prefer to increase the share of one risky asset over another in a given portfolio. In this paper, we extend this concept to provide conditions under which most (and not all) risk-averse investors behave in this way. Instead of stochastic dominance rules, almost stochastic dominance is used to assess the superiority of one asset over another in a given portfolio. Switching from MCSD to Almost MCSD (AMCSD) helps to reconcile common practices in asset allocation and the decision rules supporting stochastic dominance relations. A financial application is further provided to demonstrate that using AMCSD can indeed improve investment efficiency. 出版者： Amsterdam: Elsevier B.V 出版日期： 2014-04-01 出處： Journal of banking & finance, 2014-04, Vol.41, p.57-66 資源來源： Elsevier ScienceDirect Journals Complete 版權： 2013 Elsevier B.V. 版權： Copyright Elsevier Sequoia S.A. Apr 2014 識別號： ISSN: 0378-4266 識別號： EISSN: 1872-6372 識別號： DOI: 10.1016/j.jbankfin.2013.12.014 識別號： CODEN: JBFIDO
