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La notion économique de prudence. Origine et développements récents

Listed author(s):
  • David Crainich
  • Louis Eeckhoudt

The formal definition of the term « prudence » in economics is due to Kimball [1990]. 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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Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): 56 (2005)
Issue (Month): 5 ()
Pages: 1021-1032

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Handle: RePEc:cai:recosp:reco_565_1021
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