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Journal Article The Role of Securities in the Optimal Allocation of Risk-bearing Get access K. J. Arrow K. J. Arrow Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 31, Issue 2, April 1964, Pages 91–96, https://doi.org/10.2307/2296188 Published: 01 April 1964
K. J. Arrow (Wed,) studied this question.