pure market forces cannot, such as externalities and the absence of risk markets. Covid-19 has exposed deficiencies in …

superior. The intuition is simple: if underlying technologies are not convex, then risk-sharing can lower expected utility. The … simplistic models arguing for financial integration typically employed in economics assume convexity; but the world is rife with … likelihood of a bankruptcy cascade, "contagion," and systemic risk …

superior. The intuition is simple: if underlying technologies are not convex, then risk-sharing can lower expected utility. The … simplistic models arguing for financial integration typically employed in economics assume convexity; but the world is rife with … likelihood of a bankruptcy cascade, "contagion," and systemic risk …