An Industrial organization theory of risk sharing

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<dc:creator>Boyer, M. Martin</dc:creator>
<dc:date>2013-12-09</dc:date>
<dc:description xml:lang="es">Sumario: Examining the global reinsurance market, we propose a new theory of optimal risk sharing that finds its inspiration in the economic theory of the firm. Our model offers a theoretical foundation for two empirical regularities that are observed in the reinsurance market: (1) the choice of specific attachment (the deductible) and detachment points (the policy limits or the retrocession); and (2) the vertical and horizontal tranching of reinsurance contracts. Using a two-factor cost model, we show how reinsurance should be optimally layered (with attachment and detachment points) for a given book of business in order to minimize the cost and total premium associated with catastrophic events.</dc:description>
<dc:identifier>https://documentacion.fundacionmapfre.org/documentacion/publico/es/bib/146008.do</dc:identifier>
<dc:language>spa</dc:language>
<dc:rights xml:lang="es">InC - http://rightsstatements.org/vocab/InC/1.0/</dc:rights>
<dc:type xml:lang="es">Artículos y capítulos</dc:type>
<dc:title xml:lang="es">An Industrial organization theory of risk sharing</dc:title>
<dc:relation xml:lang="es">En: North American actuarial journal. - Schaumburg : Society of Actuaries, 1997- = ISSN 1092-0277. - 09/12/2013 Tomo 17 Número 4 - 2013 </dc:relation>
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