ON NON‐MONETARY MEASURES IN THE FACE OF RISKS AND THE SIGNS OF THE DERIVATIVES

Christophe Courbage and Beatrice Rey ()

Bulletin of Economic Research, 2010, vol. 62, issue 3, 295-304

Abstract: Vulnerability of both prudence and temperance towards a sure loss and towards a zero‐mean background risk seems to be a very realistic assumption on individual preference. This paper shows that when the concepts of prudence and temperance are defined in non‐monetary terms, the above assumption is equivalent to the usual signs of the successive derivatives of the utility function.

Date: 2010
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