{"title":"Spatio-temporal risk sharing and transfer: A unified theory of multi-period decentralized insurances and annuities","authors":"Runhuan Feng, Peixin Liu","doi":"10.1111/jori.70001","DOIUrl":null,"url":null,"abstract":"<p>Two distinct strands of research focus on decentralized risk sharing plans. One strand centers on classic risk sharing and decentralized insurance, including peer-to-peer insurance, mutual aid, and DeFi insurance. The other explores decentralized annuities, such as tontine and group self-annuitization. Despite their disparate development paths, both involve decentralized risk sharing and transfer among participants. This paper aims to unify these domains by extending a theory of decentralized insurance to encompass multi-period decentralized insurances and decentralized annuities. The framework illuminates connections between spatial risk sharing and intertemporal risk transfer, and enables economic analysis of diverse scheme designs. The paper also provides a comprehensive review of various notions of temporal and spatial actuarial fairness, elucidating how different designs emerge from these distinct notions.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"92 3","pages":"765-817"},"PeriodicalIF":1.7000,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.70001","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Risk and Insurance","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/jori.70001","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Two distinct strands of research focus on decentralized risk sharing plans. One strand centers on classic risk sharing and decentralized insurance, including peer-to-peer insurance, mutual aid, and DeFi insurance. The other explores decentralized annuities, such as tontine and group self-annuitization. Despite their disparate development paths, both involve decentralized risk sharing and transfer among participants. This paper aims to unify these domains by extending a theory of decentralized insurance to encompass multi-period decentralized insurances and decentralized annuities. The framework illuminates connections between spatial risk sharing and intertemporal risk transfer, and enables economic analysis of diverse scheme designs. The paper also provides a comprehensive review of various notions of temporal and spatial actuarial fairness, elucidating how different designs emerge from these distinct notions.
期刊介绍：
The Journal of Risk and Insurance (JRI) is the premier outlet for theoretical and empirical research on the topics of insurance economics and risk management. Research in the JRI informs practice, policy-making, and regulation in insurance markets as well as corporate and household risk management. JRI is the flagship journal for the American Risk and Insurance Association, and is currently indexed by the American Economic Association’s Economic Literature Index, RePEc, the Social Sciences Citation Index, and others. Issues of the Journal of Risk and Insurance, from volume one to volume 82 (2015), are available online through JSTOR . Recent issues of JRI are available through Wiley Online Library. In addition to the research areas of traditional strength for the JRI, the editorial team highlights below specific areas for special focus in the near term, due to their current relevance for the field.
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