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Optimum Allocation of Risk in a Market With Many Traders

In: Allocation under Uncertainty: Equilibrium and Optimality

Author

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  • Yaffa Caspi

    (The Hebrew University)

Abstract

In a market with ‘many’ traders who bear risks, there is the possibility of pooling their independent risks and in this way to eliminate traders’ risks. There is a benefit from trade, and the way this benefit is divided between the traders depends on the system of exchange.

Suggested Citation

  • Yaffa Caspi, 1974. "Optimum Allocation of Risk in a Market With Many Traders," International Economic Association Series, in: Jacques H. Drèze (ed.), Allocation under Uncertainty: Equilibrium and Optimality, chapter 6, pages 89-97, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-01989-2_6
    DOI: 10.1007/978-1-349-01989-2_6
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    Cited by:

    1. Kenneth Oliven & Thomas A. Rietz, 2004. "Suckers Are Born but Markets Are Made: Individual Rationality, Arbitrage, and Market Efficiency on an Electronic Futures Market," Management Science, INFORMS, vol. 50(3), pages 336-351, March.
    2. Joyce E. Berg & George R. Neumann & Thomas A. Rietz, 2009. "Searching for Google's Value: Using Prediction Markets to Forecast Market Capitalization Prior to an Initial Public Offering," Management Science, INFORMS, vol. 55(3), pages 348-361, March.
    3. Thomas A. Rietz, 1991. "Arbitrage," Discussion Papers 958, Northwestern University, Center for Mathematical Studies in Economics and Management Science.

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