On Mutual Insurance
AbstractOwners of stochastic assets can pool their endowments to smoothen and insure individual payoffs across outcomes and time. We explore, in such a setting, how contingent shadow prices on aggregate resources can be used for three purposes: First, to design mutual contracts for risk averse agents; second, to quantify the malfunctioning of such contracts when there are risk lovers (or scale economies); and third, to estimate reasonable premiums for insurance offered by outside agents.
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Bibliographic InfoPaper provided by International Institute for Applied Systems Analysis in its series Working Papers with number ir00002.
Date of creation: Jan 2000
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Other versions of this item:
- Ermoliev, Y.M. & Flam. S.D., 2000. "On Mutual Insurance," Norway; Department of Economics, University of Bergen 2299, Department of Economics, University of Bergen.
- C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
- G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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