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An insurance provider offers car insurance to customers although it cannot directly observe their risk profiles (how good or bad they are as drivers). Suppose the insurance company was forced to provide a common insurance plan at a single price to all customers. What kind of customers would be most likely to buy insurance? Does this constitute a market failure? If so, of what kind? Now, suppose that while the insurance company cannot directly observe customer's risk profiles, it does observe various attributes of drivers such as their age, marital status, gender, driving history, etc. and that these attributes are highly correlated with risk. Can price discrimination along these attributes improve welfare? Explain your reasoning.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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