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- Explain how risk aversion makes a market for insurance possibleWhat is the mostly commonly used utility functions for the following and why: Risk Aversion Risk Seeking Risk NeutralList two possible solutions private insurance firms have at their disposal to correct the market failure due to the asymmetry of information...
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- Explain the relationship between moral hazard and insurance premiumsDistinguish the difference between adverse selection and moral hazard.Which of the following is an example of adverse selection? Group of answer choices A safe driver taking greater risk in a rental car than his own car. A risk averse driver buying car insurance. An company offering incentive sharing contracts to employees.mployees. McDonald's selling franchises for a flat fee. None of the above.
- The governments role in terrorism insurance is that of - disinterested observer - innocent bystander - a reinsurance provider of last resort/ re-insurerDifferentiate between adverse selection and moral hazard problems with one examplesFor each of the following scenarios, determine whether the decision maker is risk neutral, risk averse, or risk loving. a. A manager prefers a 20 percent chance of receiving $1,400 and an 80 percent chance of receiving $500 to receiving $680 for sure. b. A shareholder prefers receiving $920 with certainty to an 80 percent chance of receiving $1,100 and a 20 percent chance of receiving $200. c. A consumer is indifferent between receiving $1,360 for sure and a lottery that pays $2,000 with a 60 percent probability and $400 with a 40 percent probability.