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Ermoliev, Y.M. & Flam, S.D. (2000). On Mutual Insurance. IIASA Interim Report. IIASA, Laxenburg, Austria: IR-00-002
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Abstract
Owners 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.
| Item Type: | Monograph (IIASA Interim Report) |
|---|---|
| Research Programs: | Risk, Modeling, Policy (RMP) |
| Depositing User: | IIASA Import |
| Date Deposited: | 15 Jan 2016 02:12 |
| Last Modified: | 27 Aug 2021 17:17 |
| URI: | https://pure.iiasa.ac.at/6242 |
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