In the context of imperfect information, which of the following is the best example, of "adverse...
In the context of imperfect information, which of the following is the best example, of "adverse selection"
1. An individual can influence the probability that he/she has an accident
2. People who face the highest risks are most likely to buy insurance against these risks
3. Consumers tend to buy items in the most popular styles and so they sell out the quickest
4. People may sometimes mistakenly choose low quality products.
Homework Answers
Adverse selection is when sellers have information that buyers do not have, or vice versa, about some aspect of product quality. It is thus the tendency of those in dangerous jobs or high-risk lifestyles to purchase life or disability insurance where chances are greater they will collect on it.
Thus,2 is an example of adverse selection.
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