Browsing ECO Articles by Author "CASS, David"

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Browsing ECO Articles by Author "CASS, David"

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    Title: Pareto Improving Financial Innovation in Incomplete Markets  Author(s): CASS, David; CITANNA, Alessandro Date: 1998 Type of Publication: Article Abstract: In this paper we develop a differential technique for investigating the welfare effects of financial innovation in incomplete markets. Utilizing this technique, and after parametrizing the standard competitive, pure-exchange ...
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    Title: Individual Risk and Mutual Insurance  Author(s): CASS, David; CHICHILNISKY, G.; WU, H-M. Date: 1996 Type of Publication: Article Abstract: This paper examines how, in the presence of individual risk, economic efficiency can be achieved without an unrealistically large number of contingent claims. Market uncertainty is specified in such a way that general types ...