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- Consider an insurance company offer a "standard contract" with the premium r= $100 and payout q=$500 to anyone who will purchase it. Peter has healthy-state income IH $500 and sick-state income Is $0. He has probability of illness p=0.1. Is the standard contract fair and/or full for Peter? If he ends up getting sick, what will his final income be? (please show all your calculations)Which option is the most effective for companies and employees: a standard fee-for-services health care insurance option or a high-deductible health insurance plan.why is adverse selection important in healthcare insurance markets.
- According to Barr, the SES into which you were born and spent your childhood has more predictive power for health as an adult than does your SES category as an adult. True FalseSuppose that a person's utility function is the square root of wealth. Suppose the person earns $100,000 per year. He or she has an illness with a probability of 0.2, and the cost of the treatment is $30,000. Would the person pay $6,000 for insurance? Why or why not? What is the most this person would pay to be insured (hint: equate expected utility to utility with certainty)? Suppose their utility function changed to wealth squared (hint: are they now risk averse?). Would they pay $6,000 for insurance? Why or why not?"Self-insurance" behaviors are actions one takes that lower the probability of a negative health outcome. (True/False) Economics
- Suppose a company offers a standard insurance contract with a premium (r) of $2,000 and a payout (q) of $10,000. Suppose that Adelia earns a healthy state income of $70,000, a sick state income of $50,000, and has a 20% chance of becoming ill. For Adelia, this insurance contract would be: A. actuarially fair and partial B. actuarially fair and full C. actuarially unfair and full D. actuarially unfair and partialSuppose a particular population has two kinds of health risks, high and low. Let the expected annual health care costs for the high risk be $10,000 and for the low risk, half that. If there are twice as many low risk as high risk individuals, and if the one insurer's administrative load is 20%, what would the community rated premium be if everyone is compelled to and able to buy health insurance?How does moral hazard issue affect the health care market in Hong Kong? Suggest possible remedies to alleviate the problems.
- This is a Microeconomics problem. Explain how adverse selection can cause undesirable outcomes in a health insurance industry over time.Suppose a particular population has two kinds of health risks, high and low. Let the expected annual health care costs for the high risk be $10,000, and for the low risk, half that. If there are twice as many low risk as high risk individuals, and if the one insurer’s administrative load is 20%, what would the community rated premium be if everyone is compelled to and able to buy health insurance? Note: administrative load can be construed as the amount that the insurer has in costs to run the plans above and beyond the "health care costs."Jeremiah faces probability of illness p=0.20, healthy-state income $310, and sick-state income is $110 Jerimiah's satisfaction depends on his earned income. His utility function () is summarized in the table below INCOME 50 100 110 150 200 250 300 310 350 400 UTILITY 171 200 205 218 230 240 248 249 255 260 Using the information above, calculate Jeremiah's expected utility of income E[U] without health insurance PLEASE INCLUDE ONE DIGIT AFTER THE DECIMAL POINT