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Further Applications of Stochastic Dominance to Mutual Fund Performance

Jack Meyer
Journal of Financial and Quantitative Analysis 1977 12(2), 235
In a recent paper Joy and Porter [4] used the concept of stochastic dominance to address the question of whether or not mutual funds outperform the Dow Jones Industrial Average (DJIA). Since that time Meyer [5] has proven a theorem in the area of stochastic dominance which allows one to make further application of stochastic dominance to this question. The major purpose of this paper is to demonstrate the power and relevance of the recently developed stochastic dominance theorem in ordering investments for groups of investors. In doing so, some evidence is presented concerning mutual funds and the DJIA.

Two-Moment Decision Models and Expected Utility Maximization

Jack Meyer
American Economic Review 2016
Two-moment decision models are consistent with expected utility maximization only if the choice set or the agent's preferences are restricted. All currently available restrictions, such as quadratic utility or normality, are either theoretically deficient and/or empirically rejected. This paper identifies another restriction which is sufficient to ensure consistency between the two approaches and confirms that it holds in many economic models. Implications of this restriction for moment model analysis are then derived. Copyright 1987 by American Economic Association.

Two-Moment Decision Models and Expected Utility Maximization

Jack Meyer
American Economic Review 1987 77(3), 421-430
Two-moment decision models are consistent with expected utility maximization only if the choice set or the agent's preferences are restricted. This paper identifies a restriction which is sufficient to ensure this consistency and confirms that it holds in many economic models. The implications for economic analysis are then derived.

The Impact of Welfare Benefit Levels and Tax Rates on the Labor Supply of Poor Women

Jack A. Meyer
The Review of Economics and Statistics 1975 57(2), 236
The principal problem with previous estimates of the effect of welfare programs on labor supply' is that the specification of the labor supply equation misrepresents the intercept and slope of the budget line for low-income individuals. Labor supply has typically been posited to be a function of the market wage rate unadjusted for the welfare tax rate and other income2 including actual welfare benefits.

Spatial Pricing, Spatial Rents, and Spatial Welfare

Timothy J. Gronberg; Jack Meyer
Quarterly Journal of Economics 1982 97(4), 633
This paper presents a model of spatial equilibrium that integrates elements of spatial pricing and Thünen location models. Properties of equilibrium under mill, uniform, and discriminatory pricing regimes are explored. Three comparative propositions concerning firm, consumer, and landowner welfare that obtain under the alternative pricing schemes are presented. The welfare findings contrast with those found in the extant spatial pricing literature. In particular, the superiority of mill pricing from a consumer welfare perspective is questioned.