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A recent contribution by Meyer et al. (2009, p. 521) corrected an error of fact by Hardaker et al. (2004b, p. 253) about the comparison between stochastic dominance with respect to a function (SDRF) and stochastic efficiency with respect to a function (SERF). While both methods compare risky prospects for a bounded range of degrees of risk aversion, SERF, unlike SDRF, also demands an assumption that a chosen measure of risk aversion is constant over all levels of outcomes being evaluated. It is argued that it is generally reasonable to make such an assumption, especially when the form of the utility function and the bounds on the degree of risk aversion are carefully chosen. Then SERF has the advantage that it can lead to a smaller efficient set than that identified by SDRF. SERF also has advantages of ease and transparency in use. [ABSTRACT FROM AUTHOR]

Summary An existing stochastic dynamic programming model is expanded so that its output can be used as input to a multi-attribute utility model to determine the optimal replacement policy in swine breeding herds. The models include six attributes: future profitability of the sow (from the dynamic programming model), piglet mortality rate, pigs crushed by the dam, savaged and stillborn pigs, undersized pigs at birth, and undersized pigs at weaning. The aim is to rank sows for replacement purposes. The model provides stable rankings that differ from those based only on the dynamic programming model. There was good correspondence between the model's ranking of 30 sows and rankings provided by two experts. [ABSTRACT FROM PUBLISHER]