Partage des risques et création de valeur ajoutée
[eng] Risk sharing and value-added creation Asking and bid priees of a lottery are used to analyze the exchange of risks between two agents. The optimum trade is defined by the maximization of the value-added created by the transfer. As is usual, this value-added is measured by the difference between asking and bid priees. We prove that under a proportional transfer, the maximization problem has a unique solution. Several examples are provided, which illustrate the value-added created by the exchange. [fre] Partage des risques et création de valeur ajoutée Les notions de prix d'achat et de prix de vente d'une loterie sont présentées pour définir les conditions d'un transfert de risque entre deux agents. L'échange optimal consiste, dans cet article, à maximiser la valeur ajoutée créée par le transfert. Nous montrons sous des hypothèses concernant la forme de l'échange (transfert proportionnel) qu'il existe une solution unique à ce problème d'optimisation. Nous présentons plusieurs exemples d'application permettant de préciser l'importance de la valeur ajoutée créée par le transfert de risque.
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