Developments in the financial sector have led to an expansion in its ability to spread risks. The increase in the risk … bearing capacity of economies, as well as in actual risk taking, has led to a range of financial transactions that hitherto … appetite for risk may expand over the cycle. Not only can these intermediaries accentuate real fluctuations, they can also …

This paper studies efficient risk-sharing rules for the concave dominance order. For a univariate risk, it follows from … because there is no immediate extension of the notion of comonotonicity), and it is addressed by using techniques from convex …