MICROECONIMICS
5th Edition
ISBN: 9781319372101
Author: KRUGMAN
Publisher: MAC HIGHER
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Question
Chapter 20, Problem dWYWL
To determine
The problems posed by the existence of private information.
Concept Introduction:
Private information refers to the information that some people have while others do not. For instance, in the insurance market, the insurer has complete information about his health and his actions to take precautions. Thus, it will be difficult for insurance companies to fully insure the insurer against health risks without complete information.
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