  We consider the problem of optimal risk sharing in a pool of cooperative
agents. We analyze the asymptotic behavior of the certainty equivalents and
risk premia associated with the Pareto optimal risk sharing contract as the
pool expands. We first study this problem under expected utility preferences
with an objectively or subjectively given probabilistic model. Next, we develop
a robust approach by explicitly taking uncertainty about the probabilistic
model (ambiguity) into account. The resulting robust certainty equivalents and
risk premia compound risk and ambiguity aversion. We provide explicit results
on their limits and rates of convergence, induced by Pareto optimal risk
sharing in expanding pools.
