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La notion économique de prudence : origine et développements récents

Author

Listed:
  • D. Crainich

    (LEM - Lille - Economie et Management - Université de Lille, Sciences et Technologies - CNRS - Centre National de la Recherche Scientifique)

  • L. Eeckhoudt

    (LEM - Lille - Economie et Management - Université de Lille, Sciences et Technologies - CNRS - Centre National de la Recherche Scientifique)

Abstract

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
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • D. Crainich & L. Eeckhoudt, 2005. "La notion économique de prudence : origine et développements récents," Post-Print hal-00199737, HAL.
    • Handle: RePEc:hal:journl:hal-00199737
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    Citations

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    Cited by:

    1. Renaud Bourlès, 2017. "Prevention incentives in long‐term insurance contracts," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 26(3), pages 661-674, September.
    2. 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.
    3. Danau, Daniel, 2020. "Prudence and preference for flexibility gain," European Journal of Operational Research, Elsevier, vol. 287(2), pages 776-785.
    4. Lionel Thomas, 2016. "The optimal contract under adverse selection in a moral-hazard model with a risk-averse agent," Working Papers hal-01374709, HAL.
    5. Lionel Thomas, 2016. "The optimal contract under adverse selection in a moral-hazard model with a risk-averse agent," Working Papers 2016-09, CRESE.
    6. François Maréchal & Lionel Thomas, 2018. "The Optimal Contract under Adverse Selection in a Moral-Hazard Model with a Risk-Averse Agent," Games, MDPI, vol. 9(1), pages 1-22, March.

    More about this item

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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