How to do decision under uncertainty question


How to do decision under uncertainty question         (Consider First Order Stochastic Dominance (FOSD) as a criterion for choice under uncertainty.For each axiom in (a) , (b) and (c) below: 1. Determine whether or not the axiom is satisfied by FOSD.2. If it is satisfied, prove it. If it isn't satisfied provide a counter-example and clearly demonstrate that the axiom is violated.    a. mixture  dominance     b. mixture continuity c. independence)

 

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Microeconomics: How to do decision under uncertainty question
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