Stochastic Dominance

Prof. Levy was born in Jerusalem in 1939. He received his PhD from the Hebrew University in 1969 and in 1976 was promoted to full professorship. He developed a new field of financial economics called Stochastic Dominance, and developed economic models for risk-management, especially risk-reduction in investment, by means of international diversification and mergers and acquisitions. He served as economic advisor to the Bank of Israel; the Israeli Ministry of Finance; Ministry of Industry, Trade and Labor; and Ministry of National Infrastructures, among other government offices. His many awards include the Hebrew University's Prize for Excellence in Research for 1996. The two 1990 Nobel Prize winners in Economics stated that to a large extent their work draws on Prof. Levy's pioneering writings.

• Risk: Is There a Unique Objective Measure?.- Expected Utility Theory.- Stochastic Dominance Decision Rules.- Stochastic Dominance: The Quantile Approach.- Algorithms for Stochastic Dominance.- Stochastic Dominance with Specific Distributions.- Almost Stochastic Dominance (ASD).- Stochastic Dominance and Risk Measures.- Stochastic Dominance and Diversification.- The CAPM and Stochastic Dominance.- The Empirical Studies: Dominance and Significance Tests.- Applications of Stochastic Dominance Rules.- Mean-Variance, Stochastic Dominance and the Investment Horizon.- Stock Versus Bonds: A Stochastic Dominance Approach.- Non-Expected Utility and Stochastic Dominance.- Stochastic Dominance and Prospect Theory.- Multivariate Utility Functions.- Future Research.