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There are two types of drivers on the road today. Speed Racers have a 5% chance of causing an accident per year, while Low Riders have a 1% chance of causing an accident per year. There are the same number of Speed Racers as there are Low Riders. The cost of an accident is $12,000.
a. Suppose an insurance company knows with certainty each driver's type. What premium would the insurance company charge each type of driver?
b. Now suppose that there is asymmetric information so that the insurance company does not know with certainty the driver's type. Would insurance be sold if: (i) drivers self-reported their types to the insurance company?
(ii) no information at all is known about individual driver's types?
If you are uncertain whether insurance would be sold, explain why.
The news headlines during late 2012 and early 2013 were predominantly encompassed by the numerous deliberations between the President of the United States of America and the United States Congress regarding how to deal with the economic situations..
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Theoretical analysis and discussion of economic principles
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Calculate the cost effectiveness ratio (CER) for each drug and list the drug that could be reimbursed by the insurance plan, and the threshold value of your reimbursement decision
Calculate an actuarially fair insurance premium. What would your expected utility be were you to purchase the actuarially fair insurance premium?
The American patent system was based on the presumption that social welfare coincided with the individual welfare of inventors
Brute force, or warfare, is generally agreed to be the most costly form of dispute resolution and Litigation is often the least costly method of environmental dispute resolution.
The Role of Government in Health Care Markets - Health Policy and Economics - Do you think this current state of regulation is appropriate? Why or why not? What problems have arisen because of regulation or the lack thereof?
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