Approximation methods for ranking risky investment alternatives
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The paper develops and illustrates the application of criteria for ranking risky investment alternatives that are
based on their certainly equivalent (cE) outcomes and determines expressions for approximating the cE outcomes by
means of the central moments of their distribution. The paper develops criteria on the basis of the CE outcomes for
determining a complete ranking of risky investment alternatives that can represent the choice of many - though not
all - risk-averse agents.