Example: tourism industry
6 Moral Hazard and Adverse Selction
(1) Suppose insurers offer actuarially fair insurance, (assuming all the population buy insurance) then it is unattractive to the low risk types because they are paying too much compared to their odds. (“POOLING”) ⇒(2) Not all low risk types buy insurance and actuarial rates in step (1) are wrong more than 50% high risk types!
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Curriculum Vitae: Morten Overgaard Ravn, April 2018
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