Splitting Risks in Insurance Markets With Adverse Selection
研究了在逆向选择环境下，保单持有人面临多种可保风险时，拆分风险（如风险特定合同或差异化覆盖规则）如何成为次优帕累托最优的特征。
Abstract We characterize the design of insurance schemes when policyholders face several insurable risks in a context of adverse selection. Splitting risks emerges as a feature of second‐best Pareto optimality. This may take the form of risk‐specific contracts, or of contracts where risks are bundled but subject to differential coverage rules, such as risk‐specific copayments combined with a deductible or a cap on coverage.