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- Annette Baier argues that for the need for more than justice. Why is justice inadequate for an ethics of care? Why, according to baier, shouldn’t a society’s law reflect a “ to each his or her own” view of ethics?Do you think Canada's universal health care program can alleviate problems caused by moral hazard and adverse selection in the private insurance markets? Why or why not? John's utility curve over total wealth is given by U(W) =VW (i.e. square root of W). Suppose that he has a 50% chance of being healthy. If he is healthy, he gets all his wealth-$10,000. If he becomes sick, he only has $3,600 remaining after medical expenditures. Calculate John's wealth and utility when he does and does not get sick, his expected utility, expected wealth, and his expected loss. Now he has the option of buying health insurance Calculate the maximum amount John would be willing to pay to fully insure against the cost of the sickness. How much is the actuarially fair and risk premium? Suppose that society consists of large, equal numbers of identical male and identical female consumers. Male consumers are similar to John; female consumers differ only in that they face a 25% probability of being sick, but…When Shalini is sick, she values wealth according to the utility function US(w) = ln (w). When she is healthy, she values wealth according to UH(w) = 1.1 ln (w). Shalini allocates wealth of $1,000 for each week and has a 5% chance of getting sick. a) Would Shalini be willing to spend $30 of her of her $1,000 wealth in order to guarantee avoiding getting sick, if it were possible for her to do so? (b) Would Shalini be willing to spend $30 of her of her $1,000 wealth in order to buy an (actuarially fair) insurance policy under which she receives $600 in indemnity if she gets sick? (c) How do you explain your answers to parts a and b above? How do the answers compare and how you can intuitively explain them in this context?
- The difference between moral hazard and adverse selection is a. moral hazard has to do with unobservable characteristics of individuals b. moral hazard has to do with unobservable actions of individuals c. adverse selection is when individuals change their behaviors because of a contract d. adverse selection is when you choose the wrong answer on a testWhat are pure specific factors model and mixed pecific factors model? How does the two differ?Julia is a 28- year-old nonsmoking , non-drinking female of normal weight Because of adverse selection in health insurance , (A) She will be charged less for her premiums than people who are higher risks ) B)She is less likely to buy health insurance than the average person, because policy premiums are based on expected medical expenditures of people who are less healthy than she is ( C) When she get health insurance , she will be less likely to take care of herself. ) D)She must get health insurance early in life, and is likely to lose health insurance if she smokes , drinks to excess, or gains weight. E) She is more likely than the average person to buy health insurance , because she is more likely to be offered it.
- Can Entreprenuership be thougth?There two major types of market asymmetry; these are MORAL HAZARD and ADVERSE SELECTION. Please explain as comprehensively as you can and give/cite example for each of them. Using the theories you learned in Managerial Economics, how will solve or deal with such market asymmetry involving moral hazard and/or adverse selection?Determine which moral standard of social responsibility the business is observing. Earl's company wants to change the material it uses for its products to a cheaper, less-durable material. Processing the material causes more waste and the final products will not be as safe for customers, but the company will make more money overall. A. Moral Minimum Standard B. Profit-Maximizing Moral Standard C. Stakeholder Theory Moral Standard D. Indeterminable E. Corporate Citizenship Moral Standard
- Suppose a new drug was discovered that slowed the deterioration of health that accompanies aging. (All the graphs you draw should include labels down and right arrows to indicate the changes before and after the new drug were discovered). a.) What's the effect on optimal health H* ? Draw its marginal efficiency of capital (MEC) curve.Hello experts, I have posted this question many times in chegg, but every time people answering this question to use ai tool like chatgpt, please dont use gpt and other ai tool. Can we change one of the most fundamental definition of economic theory: The way we calcutale the cost of risk? Don't use chatgpt or other ai tool. If you know correct answer then attempt if you gave wrong answer then i have 23 chegg study accounts, i told you if the answer wrong then i gave 23 dislikes for you and more from my friends accounts also.For each of the following purchases, say whether you would expect the dogma of imperfect information to be relatively high or relatively low: Buying apples at a roadside stand Buying dinner at the neighborhood restaurant around the comer Buying a used laptop computer at a garage sale Ordering flowers over the internet for your friend in a different city
