The Law of Large (Small?) Numbers and the Demand for Insurance
用期望效用方法分析风险细分对保险需求的影响，发现当总财产分散在少量独立风险上时，自留风险比购买有附加费的保险更划算。
Using an expected utility approach the effect of "risk subdividing" on insurance demand is analyzed. The results indicate that when the total property at risk is scattered only on a small number of pieces (with independent risks), risk retention becomes very attractive relatively to market insurance with a positive loading.