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Optimal Risk Sharing in Society

Aase, Knut K.
Working paper
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1021.pdf (407.8Kb)
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https://hdl.handle.net/11250/2836467
Utgivelsesdato
2021-12-30
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  • Discussion papers (FOR) [529]
Sammendrag
We consider risk sharing among individuals in a one-period setting under uncertainty, that will result in payoffs to be shared among the members. We start with optimal risk sharing in an Arrow-Debreu economy, or equivalently, in a Borch-style reinsurance market. From the results of this model we can infer how risk is optimally distributed between individuals according to their preferences and initial endowments, under some idealized conditions. A main message in this theory is the mutuality principle, of interest related to the economic effects of pandemics. From this we point out some elements of a more general theory of syndicates, where in addition, the group of people is to make a common decision under uncertainty. We extend to a competitive market as a special case of such a syndicate.
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Discussion paper;10/21

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