K. Back and J. Zender, Auction of divisible goods : on the rationale for the treasury experiment, Review of Financial Studies, vol.6, pp.733-764, 1993.

L. A. Berger, J. D. Cummins, and S. Tennyson, Reinsurance and the liability insurance crisis, Journal of risk and Uncertainty, vol.5, pp.253-272, 1992.

N. Doherty, A. , and G. Dionne, Insurance with undiversifiable risk: Contract structure and organizational form of insurance firm, Journal of risk and uncertainty, vol.6, pp.187-203, 1993.

, Commission Regulation, 2010.

M. C. Fagart, N. Fombaron, and M. Jeleva, Risk Mutualization and Competition in Insurance Markets, THe Geneva Papers on Risk and Insurance Theory, vol.27, pp.115-141, 2002.

M. Faure, R. Van-den, and . Bergh, Restrictions of competition on insurance markets and the applicability of EC antitrust law, KYKLOS, vol.48, pp.65-85, 1995.

D. Fudenberg and J. Tirole, Game Theory, 1996.

P. A. Haile, Partial pooling at the reserve price in auctions with resale opportunities, Games and Economic Behavior, vol.33, issue.2, pp.231-248, 2000.

K. Hendricks, R. Porter, and G. Tan, Bidding rings and the winner's curse, RAND Journal of Economics, vol.39, issue.4, pp.1018-1041, 2008.

D. M. Kreps and J. A. Scheinkmann, Quantity precommitment and Bertrand competition yield Cournot outcomes, Bell Journal of Economics, vol.14, pp.326-337, 1983.

O. Mahul and B. D. Wright, Efficient risk sharing within a catastrophe insurance pool, 2003.
URL : https://hal.archives-ouvertes.fr/hal-01952094

P. R. Milgrom and R. J. Weber, A theory of auctions and competitive bidding, Econometrica, vol.50, issue.5, pp.1089-1122, 1982.

R. Wilson, Auctions of shares, Quarterly Journal of Economics, vol.93, pp.675-689, 1979.