Efficiency and Equity in Insurance
研究了异质风险池化对保险公司和被保险人财务效率的影响，指出不同投保群体间存在公平问题，可能导致多险种公司中某群体支付高于单险种公司的保费。
The pooling of heterogeneous risks is shown to increase financial efficiency as viewed by the insurer or by an insured individual, though not necessarily from the point of view of society. When heterogeneous risks are pooled, issues of equity among groups of insurance purchasers arise. The use of the same premium loadings for all groups of policyholders can result in inequities so blatant that a group may pay more in a multiline company than it would in a monoline company. The data to test whether such violations occur are not available.