An Industrial organization theory of risk sharing

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      <subfield code="a">An Industrial organization theory of risk sharing</subfield>
      <subfield code="c">M. Martin Boyer,  Charles M. Nyce</subfield>
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      <subfield code="a">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.</subfield>
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      <subfield code="x">1092-0277</subfield>
      <subfield code="g">09/12/2013 Tomo 17 Número 4 - 2013 </subfield>
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