This paper extends the Time Dominance (TD) approach to the stochastic case, introducing two basic TD-like orderings for random cash flows. Dual characterizations based on discount factors for both of them are provided: the most original element introduced in this context is the possibility of stochastic discounting.
Time Dominance in a Stochastic Framework
BECCACECE, FRANCESCA
1996
Abstract
This paper extends the Time Dominance (TD) approach to the stochastic case, introducing two basic TD-like orderings for random cash flows. Dual characterizations based on discount factors for both of them are provided: the most original element introduced in this context is the possibility of stochastic discounting.
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