Before revision:  In Nash risk-sharing equilibrium agents choose to share random endowments that are different than their actual ones , and the shared securities are endogenously bounded, implying (amongst other things) loss of efficiency.
After revision:  In Nash risk-sharing equilibrium agents choose to share random endowments that are different than their actual ones , and the risk-sharing securities are endogenously bounded, implying (amongst other things) loss of efficiency.