vulnerability can also be associated with the sole assumption of decreasing downside risk aversion (DDRA). That is, no matter how …

-Modigliani substitution effect in this multivariate setting. We also characterize the concept of multivariate downside risk aversion as a … motive. We propose an alternative measure of the intensity of downside risk aversion and show that this measure is useful in …

In this paper, we show that risk vulnerability can be associated with the concept of downside risk aversion (DRA) and … an assumption about its behavior, namely that it is decreasing in wealth. Specifically, decreasing downside risk aversion …

The degree of downside risk aversion (or equivalently prudence) is so far usually measured by -U'''/U''. We propose …2007/88 ■ On the intensity of downside risk aversion David Crainich and Louis Eeckhoudt CORE … DISCUSSION PAPER 207/8 On the intensity of downside risk aversion David CRAINICH 1 and Louis ECKHOUDT 2 November …