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- W2618474739 abstract "We study a risk-sharing agreement where members exert a loss-mitigating action which decreases the amount of reimbursements to be paid in the pool. The action is costly and members tend to free-ride on it. An optimal risk-sharing agreement maximizes the expected utility of a representative member with respect to both the coverage and the (collective) action such that efficiency is restored. We study the sustainability of the optimal agreement as equilibrium in a repeated game with indefinite number of repetitions. When the optimal agreement is not enforceable, the equilibrium with free-riding emerges. We identify an interesting trade-off: welfare generated by the optimal risk-sharing agreement increases with the size of the pool, but at the same time the pool size must not be too large for collective choices to be self-enforcing. This generates a discontinuous effect of pool size on welfare." @default.
- W2618474739 created "2017-06-05" @default.
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- W2618474739 date "2017-02-01" @default.
- W2618474739 modified "2023-10-17" @default.
- W2618474739 title "Pool size and the sustainability of optimal risk-sharing agreements" @default.
- W2618474739 hasPublicationYear "2017" @default.
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