[Forum SIS] dEC Seminar - November 15th / Prof. Giovagnoli

[Raffaella Piccarreta]

DEC - Statistics Seminar 
Università Bocconi, 
Room 3-E4-SR03 
Via Rontgen 1 - 3rd floor 
Time: 12:30pm 

The DEC seminar schedule is available at http://www.unibocconi.eu/statseminar 

Thursday, November 15th 


Alessandra Giovagnoli 
(University of Bologna) 



"Orderings of Generalized-Lorenz type: an Extended Equivalence Theorem" 

Abstract 

Stochastic orderings are an attractive way of summarizing preferences between distributions both in individual and in collective decision-making. There is a duality theory connecting certain stochastic orderings between cumulative distribution functions (cdf) and stochastic orderings between their inverses (quantile functions). An example is the equivalence between second order stochastic dominance and the generalized Lorenz ordering, which makes it possible to “bridge” Expected Utility and decision making under risk with the theories of social choice. A large family of social welfare functions have the form of expected utilities. 
The purpose of this presentation is to point out that this bridge can be widened by means of an Extended Equivalence Theorem, namely this duality holds also when there is "distortion" of the cdf and of the inverse. The extended theorem allows one to derive a wide class of social indicators from general-form utilities (and viceversa). It also helps clarify further connections between Prospect Theory (i.e. Rank Dependent Expected Utilities) and Yaari-type rank-dependent social welfare indicators. 



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Raffaella Piccarreta 
DEC - Department of Decision Sciences, 
Universita' L.Bocconi, via Guglielmo Röntgen 1 (3rd floor, room D1-09). 20136, Milano. 
email: piccarreta a unibocconi.it 
tel. +39-02-58365659 / fax +39-02-58365630 

Web page (ENGLISH VERSION): http://faculty.unibocconi.eu/raffaellapiccarreta/ 
(ITALIAN VERSION): http://faculty.unibocconi.it/raffaellapiccarreta/ 
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