La notion économique de prudence. Origine et développements récents
AbstractThe formal definition of the term « prudence » in economics is due to Kimball . Since then the notion of prudence is linked to the choice of a level of precautionary saving while risk aversion remains perceived as a preference towards a risky situation. In this paper ?after a survey of other publications than that of Kimball ?we show that prudence can also be interpreted as a preference towards risk. We also show that prudence can be used to analyse insurance decisions as well as saving ones.Classification JEL : D81
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue économique.
Volume (Year): 56 (2005)
Issue (Month): 5 ()
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Web page: http://www.cairn.info/revue-economique.htm
Other versions of this item:
- RAINICH, David & EECKHOUDT, Louis, . "La notion économique de prudence. Origine et développements récents," CORE Discussion Papers RP -1772, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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- Luc Arrondel & Hector Calvo Pardo, 2008. "Les Français sont-ils prudents ? Patrimoine et risque sur les revenus des ménages," Working Papers halshs-00585994, HAL.
- Luc Arrondel & Hector Calvo Pardo, 2008. "Les Français sont-ils prudents ? Patrimoine et risque sur les revenus des ménages," PSE Working Papers halshs-00585994, HAL.
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