2026-04-14T03:09:50Zhttps://recercat.cat/oai/request

oai:recercat.cat:10230/11152025-12-23T02:15:44Zcom_2072_6col_2072_452953

urn:hdl:10230/1115 Insurance with frequent trading: A dynamic analysis of efficient insurance markets Penalva, José S. risk sharing insurance complete markets insurable risks Finance and Accounting This paper extends existing insurance results on the type of insurance contracts needed for insurance market efficiency to a dynamic setting. It introduces continuosly open markets that allow for more efficient asset allocation. It also eliminates the role of preferences and endowments in the classification of risks, which is done primarily in terms of the actuarial properties of the underlying risk process. The paper further extends insurability to include correlated and catstrophic events. Under these very general conditions the paper defines a condition that determines whether a small number of standard insurance contracts (together with aggregate assets) suffice to complete markets or one needs to introduce such assets as mutual insurance. 2017-07-26T10:50:36Z 2017-07-26T10:50:36Z 2000-11-01 2017-07-23T02:05:15Z info:eu-repo/semantics/workingPaper Economics and Business Working Papers Series; 460 L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons http://creativecommons.org/licenses/by-nc-nd/3.0/es/ info:eu-repo/semantics/openAccess