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Published in:
1974 | OriginalPaper | Chapter
Optimum Allocation of Risk in a Market With Many Traders
Author : Yaffa Caspi
Published in: Allocation under Uncertainty: Equilibrium and Optimality
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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In a market with ‘many’ traders who bear risks, there is the possibility of pooling their independent risks and in this way to eliminate traders’ risks. There is a benefit from trade, and the way this benefit is divided between the traders depends on the system of exchange.