Prudence Royce Myer (1920–2001)

Rolls-Royce Merlin

The Rolls-Royce Merlin engines were a series of 12 cylinder, 60° "V", 27 litre, liquid cooled piston aircraft engines built during World War II by Rolls-Royce, and under licence in the United States by Packard. They are widely considered to be among the most successful aero engines produced during World War II, and perhaps the finest piston engines ever built for aviation. Merlins are highly so...

Prudence with Multiplicative Risk

On multivariate prudence

In this paper we extend the theory of precautionary saving to the case in which uncertainty is multidimensional and we develop a matrix-measure of multivariate prudence. Furthermore, we characterize comparative prudence, decreasing and increasing prudence, the e¤ect of uncertainty on the marginal propensity to consume out of wealth, and the Drèze-Modigliani substitution e¤ect in this multivaria...

Prudence with respect to ambiguity

Under expected utility, prudence is equivalent to a positive third derivative of utility and plays a crucial role in precautionary saving behaviour. Eeckhoudt and Schlesinger (2006) proposed behavioural de nitions of prudence and of higher order risk preferences. The present paper proposes a similar de nition for prudence with respect to ambiguity, i.e., situations in which objective probabilit...

Towards formal testing of jet engine Rolls-Royce BR725

The Rolls-Royce BR725 is a newly designed jet engine for ultra-longrange and high-speed business jets. In this paper we apply our theory of formal testing [5,6] to the starting system of the Rolls-Royce BR725 control software. To this end we model the system in CSP, evaluate test suites against the formal model, and finally execute test suites in an in-the-loop setting of the SUT. This case stu...