The allocation of individual risks in large markets

摘要: The modern theory of risk-bearing, as introduced by Arrow [1], Baudier [3] and Debreu [4], although fully general, gives no direct justification for a proposition that common sense suggests: an optimal allocation resources typically requires firms ought to maximise the expected value their profits, contrario risk aversion at level individual firm is detrimental efficiency. It very revealing this had be argued one founders against its adepts, namely Lind [2] Hirshleifer [6]. One may also note approach does not directly exhibit role insurance proper resources. Such was often emphasised, instance F. Knight [7]. To large extent system can replace markets contingent commodities, which were imagined but hardly exist in fact.