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A central function of the state is to provide insurance against the vagaries of life and markets, such as accidents, ill health, old age, or unemployment. Collectively, these mandatory risk pooling arrangements are known as social insurance, or the welfare state. According to influential accounts in the literature, the welfare state exists because (social) insurance […]
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My previous blog summarised the orthodox argument why adverse selection in insurance is a bad thing. This present blog gives the counter-argument from my book Loss Coverage: Why Insurance Works Better with Some Adverse Selection. In essence, the counter-argument relies only on simple arithmetic, and can be illustrated by a toy example. Think of a […]
Read MoreGuy Thomas explores why adverse selection in insurance is usually seen as a bad thing in the first of two blog posts based on his new book Loss Coverage.
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Howard Kunreuther and Mark Pauly, authors of Insurance and Behavioral Economics, explain consumer behavior and insurer incentives in one of the most misunderstood industries.
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Getting to the root of our health-care woes: competition. Will a public option increase competition and lower costs? Are markets really dominated by single players, state by state? FOX has some interesting comments from Economist Earl Grinols in this story. Grinols published Health Care for Us All with us.
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