Considering a consumer with standard preferences, I trace out the consequences for risk aversion and prudence of … changing risk aversion/prudence effect. Next, I calibrate locally both effects on relative risk aversion and prudence, using … estimates on household demand for durables and labour supply. Finally, I perform a global numerical analysis of these effects. I …

The degree of downside risk aversion (or equivalently prudence) is so far usually measured by -U'''/U''. We propose …

probability of insolvency, the impact on the insurer's expected utility is less clear. Indeed, it is not true that the risk …

We introduce a simple measure of risk aversion in the large. Besides satisfying properties which are conceptually … analogous to the usual properties of the Arrow-Pratt measure, the index of risk aversion in the large leads to a stronger … concept of decreasing risk aversion, which necessarily implies decreasing absolute risk aversion but not necessarily non …

This paper introduces and investigates the concept of repetitive risk aversion. The risk aversion of an increasing and … concave utility function is repetitive if the fear of ruin, which measures agent's aversion to risking his entire income, is … also increasing and concave. This is shown to be equivalent to the behaviorally meaningful condition that the risk premium …

We discuss and compare five measures of individual well-being, namely income, an objective composite well-being index …, a measure of subjective well-being, equivalent income, and a well-being measure based on the von Neumann …