Finanzintermediäre können eine portfoliotheoretisch motivierte Optimierung ihres Buchkreditportefeuilles nur unter der Bedingung realisieren, dass die Kreditrisiken am Sekundärmarkt handelbar sind. Mit Kreditverkäufen, Kreditverbriefungen und Kreditderivaten haben sich die Möglichkeiten...

From the introduction: Motor vehicle accidents are still a leading cause of death, even if the trend has somewhat declined over the past 20 years. Indeed, motor vehicle accidents are a significant cause of death in comparison with air and space transport accidents, homicides and even HIV...

CESifo Seminar Series "Competitive Failures in Insurance Markets Theory and Policy Implications" edited by Pierre-André Chiappori and Christian Gollier Risk sharing is a cornerstone of modern economies. It is valuable to risk-averse consumers and essential for investment and entrepreneurs. The...