Aase, Knut K. - Institutt for foretaksøkonomi, Norges Handelshøyskole … - 2005
The paper analyzes the possibility of reaching an equilibrium in a market of marine mutual insurance syndicates, called Protection and Indemnity Clubs, or P&I Clubs for short, displaying economies of scale. Our analysis rationalizes some empirically documented findings, and points out an...