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

@article{Sun2006TheEL, title={The exact law of large numbers via Fubini extension and characterization of insurable risks}, author={Yeneng Sun}, journal={J. Economic Theory}, year={2006}, volume={126}, pages={31-69} }

- Published 2006 in J. Economic Theory
DOI:10.1016/j.jet.2004.10.005

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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