Imperial College London


Business School

Professor of Finance and Econometrics



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BibTex format

author = {Ibragimov, R and Jaffee, D and Walden, J},
doi = {rof/rfw073},
journal = {Review of Finance},
pages = {595--632},
title = {Equilibrium with monoline and multiline structures},
url = {},
volume = {22},
year = {2018}

RIS format (EndNote, RefMan)

AB - We study a competitive market for risk-sharing, in which risk-tolerant providers of risk protection, who face frictional costs in holding capital, offer coverage over a range of risk classes to risk-averse agents. We distinguish monoline and multiline industry structures and characterize when each structure is optimal. Markets for which the risks are limited in number, asymmetric or correlated will be served by monoline structures, whereas markets characterized by a large number of essentially independent risks will be served by many multiline firms. Our results are consistent with observed structures within insurance, and also have general implications for the financial services industry.
AU - Ibragimov,R
AU - Jaffee,D
AU - Walden,J
DO - rof/rfw073
EP - 632
PY - 2018///
SN - 1573-692X
SP - 595
TI - Equilibrium with monoline and multiline structures
T2 - Review of Finance
UR -
UR -
UR -
VL - 22
ER -