Optimal design of fixed and variable costs in peer-to-peer insurance with heterogeneous risk

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      <subfield code="a"> Boonen, Tim J.</subfield>
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      <subfield code="a">Optimal design of fixed and variable costs in peer-to-peer insurance with heterogeneous risk</subfield>
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      <subfield code="a">This paper studies the optimal design of peer-to-peer (P2P) insurance when heterogeneous participants jointly finance a common fund and purchase external insurance for tail risks. The total cost is decomposed into a fixed premium for outside coverage and a variable, potentially refundable deposit used for internal risk sharing. Using a mean-variance objective, the authors derive closed-form optimal sharing rules and characterize their properties, both with and without individual-rationality constraints. The paper also determines the optimal level of the common deposit and provides numerical illustrations. The results offer a rigorous foundation for designing equitable and efficient P2P insurance mechanisms in heterogeneous groups.</subfield>
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      <subfield code="g">15/09/2025 Volume 55 Issue 3 - September 2025 , p. 721 - 746</subfield>
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