The exact law of large numbers via Fubini extension and characterization of insurable risks

  title={The exact law of large numbers via Fubini extension and characterization of insurable risks},
  author={Yeneng Sun},
  journal={J. Economic Theory},
A Fubini extension is formally introduced as a probability space that extends the usual product probability space and retains the Fubini property. Simple measure-theoretic methods are applied to this framework to obtain various versions of the exact law of large numbers and their converses for a continuum of random variables or stochastic processes. A model for a large economy with individual risks is developed; and insurable risks are characterized by essential pairwise independence. The usual… CONTINUE READING
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