The Asymmetric Information Problem in Taiwan's Cancer Insurance Market |
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| Authors: | Kili C Wang Jin-Lung Peng Yi-Yun Sun Yao-Chia Chang |
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| Affiliation: | 1.Department of Insurance,Tamkang University,Taipei,Taiwan;2.Risk and Insurance Research Center, College of Commerce, National Chengchi University,Taipei,Taiwan;3.Department of Risk Management and Insurance,National Chengchi University,Taipei,Taiwan;4.Graduate Institute of Finance and Insurance, Shih Chien University,Taipei,Taiwan;5.Graduate Institute of Finance and Insurance, Tamkang University,Taipei,Taiwan |
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| Abstract: | This paper investigates the problem of asymmetric information in Taiwan’s cancer insurance market. Through the survey data, we find evidence of adverse selection existing in this market. Furthermore, we collect additional information on the individual, and find that the individual’s family cancer history contains additional valuable information. It can not only more accurately predict the probability of contracting cancer, as well as predict the willingness to purchase extended cancer insurance, but it can also help to mitigate the severity of adverse selection in the insurance market. |
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