In a world under uncertainty, the beliefs for the information underlie the behavioral style of portfolio decisions in portfolio management. In this work, we use the copula-based ordered modular averages (OMAs) in the calculation of the mean and variance of the assets’ returns for portfolio selection to capture the beliefs of the investors and the departure of rationality in evaluation. Specially, the outcomes and the probability information in terms of the decumulative probabilities are jointly transformed using appropriate copulas while satisfying the stochastic dominance in the probability-sensitivity evaluation. In addition, the diversity of the underlying copulas facilitates the challenge of the diversity of investors with different beliefs for expectations. Consequently, the mean-variance model in this work using OMA with the decumulative probabilities can encode not only the decision makers’ assessment of relative likelihoods but also the confidence attached to such assessment in the evaluation.

中文翻译：

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有序模块化平均算子在不确定性下的投资组合选择

在充满不确定性的世界中，对信息的信念是投资组合管理中投资组合决策的行为风格的基础。在这项工作中，我们使用基于copula的有序模块化平均数（OMA）计算资产收益率的均值和方差以进行投资组合选择，以捕捉投资者的信念和评估中合理性的偏离。特别是，在满足概率敏感性评估中的随机优势的同时，使用适当的copula联合转换结果和概率信息，以累积概率表示。此外，潜在的动词的多样性也促进了对具有不同期望信念的投资者的挑战。所以，