The Birth of Insurance Contracts - The Ataturk Institute for Modern ...
The Birth of Insurance Contracts - The Ataturk Institute for Modern ...
The Birth of Insurance Contracts - The Ataturk Institute for Modern ...
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FIGURE 1<br />
(Hidden In<strong>for</strong>mation, k1 = 0, Two-side Risk Aversion )<br />
c2(x)<br />
✻<br />
✛<br />
✛ ❆<br />
✲<br />
❄<br />
❆<br />
❚<br />
❩❩<br />
❩<br />
❚<br />
✉<br />
❚ sea loan: τ(y) = y<br />
❅❚ ❏❏<br />
❅❅<br />
❏<br />
❏<br />
❭<br />
❏<br />
❭<br />
❏<br />
❭<br />
❭<br />
❭<br />
❭<br />
❧<br />
❧<br />
❧<br />
❩<br />
❩<br />
❩P<br />
C2(12th − 13th)<br />
✡ ✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡✡<br />
CC<br />
✡<br />
✡<br />
✡<br />
✡ ✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡ ✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡ ✡<br />
✡<br />
✡<br />
✡✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡<br />
✡ ✡<br />
✡<br />
✡<br />
✡✡<br />
❏❏<br />
❏<br />
❏<br />
❏<br />
❏<br />
❡<br />
❡<br />
❡<br />
❧<br />
❧<br />
❧<br />
❧<br />
❩<br />
❩❩<br />
❍<br />
❍<br />
❍❛<br />
❛<br />
❛P C2(15 th ❩<br />
τ(y) < y<br />
❅<br />
❏<br />
❆<br />
❆<br />
❆<br />
)<br />
✉<br />
CC ′<br />
✔ ✔<br />
✔<br />
✔<br />
✔<br />
✔<br />
✔<br />
✔<br />
✔<br />
✔<br />
✔<br />
✔<br />
✔<br />
✔<br />
✔<br />
✔<br />
✔<br />
✔<br />
✔<br />
✔<br />
✔ ✔<br />
✔<br />
✔<br />
✔ ✔<br />
✔<br />
✔<br />
✔ ✔<br />
✔<br />
✔<br />
✔ ✔<br />
Agent 1(the merchant)<br />
Risk-averse<br />
(0,0) if x =¯x<br />
c1(y)<br />
(0,0) if x =x<br />
c1(y) k2 − k + x<br />
✔<br />
✔<br />
<br />
c2(y)<br />
Agent 2<br />
k2 − k + y k2<br />
(0,0)<br />
(the financier)<br />
c1(x)<br />
Risk-averse<br />
////////////////////////<br />
////////////////////////<br />
////////////////////////<br />
////////////////////////<br />
//////////////////////// Noncontractible area<br />
////////////////////////<br />
////////////////////////<br />
////////////////////////<br />
////////////////////////<br />
♣ ♣<br />
♣ ♣<br />
♣ ♣<br />
♣ ♣<br />
♣ ♣<br />
♣ ♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
♣<br />
A<br />
35
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