The concept of prudence is nowadays almost as well accepted as that of risk aversion. We show that the concept of temperance deserves a similar status since it rests on the same basic ideas as the other two ones. The analysis also specifies the link which exists in the expected utility model...

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...

The impact of the transition from a global budget payment to an activity-based financing system on public hospitals financial equilibrium is analyzed in this paper. To do so, we develop a theoretical model where patients? demand is related to joint decisions made by hospital managers and...