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Abstract

Tauer's Target MOTAD model can be used to compute stochastically efficient mixtures of risky alternatives. The paper presents an alternative method which is more consistent with accepted views of the relationship between income and marginal utility. Unique solutions belong to the set of third degree stochastic dominance efficient mixtures. The method is illustrated using example data from Anderson, Dillon and Hardaker. For their example, the method in this paper yields less diverse crop mixtures than Target MOTAD does.

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