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首页> 外文期刊>The journal of risk and insurance >A Study Of The Interaction Of Insurance And Financial Markets: Efficiency And Full Insurance Coverage
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A Study Of The Interaction Of Insurance And Financial Markets: Efficiency And Full Insurance Coverage

机译：保险与金融市场互动的研究：效率和全面保险

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摘要

The first contribution of this article is to provide a framework, a model together with a corresponding equilibrium notion, suitable for the study of the interaction between insurance and dynamic financial markets. Our central result is that in equilibrium risk-averse agents purchase full insurance coverage, despite unfair insurance prices. We identify three conditions that explain this result: (1) insurance contracts are priced competitively, (2) financial prices include a risk premium only for undiversifiable risk, and (3) financial markets are effectively complete. An implication is that in this model disasters can be insured by fully assessable stock insurance companies.
机译：本文的首要贡献是提供一个框架，模型以及相应的均衡概念，适合研究保险与动态金融市场之间的相互作用。我们的主要结果是，尽管保险价格不公平，但在均衡的规避风险的经纪人手中购买了全部保险。我们确定三个条件来解释此结果：（1）保险合同具有竞争性定价；（2）金融价格仅包括针对不可分散风险的风险溢价；（3）金融市场有效完成。言下之意是，在这种模式下，灾难可以由完全可评估的股票保险公司提供保险。

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