Examples of moral hazard

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CFA考试《CFA二级》历年真题精选及答案1122-47

CFA考试《CFA二级》历年真题精选及答案1122-471、Prior to the president’s intervention, the actions by the farmers relative to the manufacturers over the disputed price of water is best described as:【单选题】A.moral hazard.B.adverse selection.C.regulatory arbitrage.正确答案:A答案解析:A is correct. The farmers’ having the ability to restrict the release of water to the detriment of the manufacturers during the pricing dispute is an example of a moral hazard.2、Based on Exhibit 1, which variable in the Beneish model has a year-over-year change that would increase Miland’s likelihood of manipulation?【单选题】A.DSRB.LEVIC.SGAI正确答案:A答案解析:A is correct. The DSR (days’ sales receivable index)variable in the Beneish model is related positively to the Beneish model M-score. Therefore, a year-over-year increase in DSR from 0.9 to 1.20 would lead to an increase in the M-score, which implies an increase in Miland’s likelihood of manipulation.3、ABC Investment Management acquires a new, very large account with two concentrated positions. The firm’s current policy is to add new accounts for the purpose of performance calculation after the first full month of management. Cupp is responsible for calculating the firm’s performance returns. Before the end of the initial month, Cupp notices that one of the significant holdings of the new accounts is acquired by another company, causing the value of the investment to double. Because of this holding, Cupp decides to account for the new portfolio as of the date of transfer, thereby allowing ABC Investment to reap the positive impact of that month’s portfolio return.【单选题】A.Cupp did not violate the Code and Standards because the GIPS standards allow composites to be updated on the date of large external cash flows.B.Cupp did not violate the Code and Standards because companies are allowed to determine when to incorporate new。

moral hazard名词解释

Moral hazard是一个经济学名词，指的是一种特定情况下的道德风险。

简单来说，当一个人知道自己有被保险或受到保护的情况下，就会变得更加冒险或不谨慎，因为他知道无论发生什么事情，后果都会由他人承担而不是自己。

这种道德风险通常出现在保险、债务和委托代理等领域，对于保险公司、债权人和代理人来说都是一种风险。

在保险方面，当个人或企业购买保险后，他们可能会变得更加冒险，因为他们知道在发生意外或损失时，保险公司会赔偿他们。

这就导致了他们在日常生活或工作中变得更加不谨慎，从而增加了损失的可能性，对保险公司来说就是一种道德风险。

在债务方面，当借款人知道债权人会承担他们的损失时，他们可能会更加放松对债务的管理，从而增加了债务违约的风险。

这种情况下，借款人的行为受到道德风险的影响，因为他们不再有动力去避免风险或减少损失。

在委托代理方面，当委托人无法完全监督代理人的行为时，代理人可能会利用这种情况来追求自身利益，而不是委托人的利益。

这就是代理人面临的道德风险，因为他们知道即使他们的行为对委托人造成损失，后果也会由委托人承担。

道德风险在经济学中是一个非常重要的概念，它指出了当个人或机构知道自己受到保护或有他人承担风险的情况下，可能会导致他们变得更加冒险或放松对风险的管理。

这种情况对经济体系和市场的稳定性都会造成一定的影响，因此需要引起人们的重视和研究。

个人观点是，道德风险在现代社会中是一个不容忽视的问题，特别是在金融和保险领域。

为了减少道德风险所带来的负面影响，需要建立健全的监管制度和激励机制，以促使个人和机构在受到保护的情况下也能够自觉遵守规则和管理风险。

只有这样，才能够有效地减少道德风险带来的经济损失，并促进经济发展的稳定和可持续性。

以上是对moral hazard名词解释的深度和广度探讨，并结合个人观点进行的阐述。

希望对你有所帮助。

道德风险是经济学中一个非常重要的概念，对于保险、债务和委托代理等领域都有着深远的影响。

Adverse+Selection+&+Moral+Hazard

Money market
Money market instruments Short terms to maturity the least price fluctuations the least risky investments Interest rates good indicators e.g. Prime rate : an indictor of bussiness borrowing from banks. Treasury bill rate: an indictor of general interestrate movement
1. Car Insurance adverse selection
With the gradual increase in the number of individuals to buy a family car, the car insurance business in recent years, is growing quickly. , The main reason of the auto insurance business losses to premiums charged relatively low, the results caused income not arrived expenditures.
Financial News
——Foreign stock market indexes
“World Market” column a listing of international stock market indexes Page 34
stock market index
• is a method of measuring the value of a section of the stock market. • It is computed from the prices of selected stocks • It is a tool used by investors and financial managers to describe the market, and to compare the return on specific investments.

西方经济学词汇(中英文对照)

1.Microeconomics 微观经济学2.Macroeconomics 宏观经济学3.Primary sector 第一产业4.Secondary sector 第二产业5.Tertiary sector 第三产业6.Opportunity cost 机会成本7.Scarcity 稀缺8.Production possibility frontier 生产可能性边界9.Production possibility curve 生产可能性曲线10.Factors of production 生产要素11.Demand 需求12.Demand curve 需求曲线13.Supply 供给14.Supply curve 供给曲线15.Marginal utility边际效用16.Total utility总效用17.Elasticity 弹性18.Price elasticity of demand 需求的价格弹性19.Cross elasticity of demand 需求的交叉弹性20.Income elasticity of demand 需求的收入弹性21.Equilibrium 均衡22.Equilibrium price 均衡价格23.Short run短期24.Long run长期25.Consumer surplus消费者剩余26.Producer surplus生产者剩余27.Externalities外部性28.negative externalities 负的外部性29.positive externalities 正的外部性30.the law of diminishing marginal utility 边际效用递减规律31.budget line 预算线32.Marginal 边际33.Marginal cost 边际成本34.Marginal revenue边际收益35.Merit goods 有益品36.Demerit goods 有害品37.public goods公共品38.quasi-public goods 准公共品39.private goods 私有品40.moral hazard 道德危险41.adverse selection 逆向选择42.Average 平均43.Average product 平均产量44.fixed costs 固定成本45.variable costs 可变成本46.average costs 平均成本47.diseconomy of scale规模不经济48.specialization 专业化49.Cost minimization 成本最小化50.Input投入51.Normal profit正常利润52.Abnormal profit超额利润53.Productive efficiency 生产效率54.Perfect competition完全竞争55.Monopoly垄断56.barrier to entry 进入障碍57.Product differentiation差异产品58.Monopolistic competition 垄断竞争59.Price discrimination 价格歧视60.oligopoly 寡头61.Duopoly双寡头62.Nash equilibrium纳什均衡63.Game theory 博弈论64.Marginal product of labour 劳动的边际产量65.Demand for labour 对劳动力的需求66.Aggregate demand 总需求67.Marginal cost of labour 劳动的边际成本68.Elasticity of demand for labor 劳动力的需求弹性69.Paradox of thrift 节约悖论70.Price level 价格水平71.Trade unions 行会，商会72.Perfectly competitive labour market 完全竞争劳动力市场73.Transfer earnings 转让收益74.Gross Domestic Product 国内生产总值75.Gross National Product 国民生产总值76.money GDP 名义GDP77.real GDP 实际GDP78.Aggregate supply 总供给79.nominal value 名义价值80.real value 实际价值81.Injections 注入82.Withdrawals 漏出83.Consumption 消费84.budget deficit 预算赤字85.budget surplus 预算盈余86.balanced budget 均衡预算87.Keynesians 凯恩斯主义学派88.Monetarists 货币主义学派89.Savings 储蓄90.average propensity to consume 平均消费倾向91.average propensity to save 平均储蓄倾向92.marginal propensity to consume 边际消费倾向93.marginal propensity to save 边际储蓄倾向94.Investment 投资ernment spending 政府支出96.export 出口97.import 进口98.Accelerator 加速器99.Interest 利息率100.The multiplier乘数101.Full employments完全就业102.balance of payments 国际收支平衡表103.deficit赤字104.surplus 盈余105.Demand side policies 需求方面政策106.Supply side policies 供给方面政策107.Reflationary policies 再膨胀政策108.Deflationary policies 通货紧缩政策109.inflation 通货膨胀110.deflation 通货紧缩111.Inflationary gap通货膨胀缺口112.Deflationary gap通货紧缩缺口113.Automatic stabilizer自动稳定器114.Expansionary police扩张政策115.Contractionary policy紧缩政策116.Keynesian fiscal policy凯恩斯财政政策117.fiscal policy 财政政策118.monetary policy 货币政策119.exchange policy 汇率政策120.liquidity trap 流动性陷进121.transaction motive 交易动机122.precautionary motive 预防动机123.speculative motive 投机动机124.cost-push inflation 成本推动型的通货膨胀125.retail price index 零售价格指数126.redistribution of income 收入再分配127.new classical 新古典主义128.absolute advantage 绝对优势parative advantage相对优势130.free trade自由贸易131.economies of scale规模经济132.quotas 配额133.exchange controls外汇管制134.infant industry 幼稚工业135.Tariff关税136.free trade area自由贸易区137.custom union关税同盟138.economic union 经济同盟139.dumping倾销140.Trade creation贸易创造141.trade diversion 贸易转移欢迎您的下载，资料仅供参考！致力为企业和个人提供合同协议，策划案计划书，学习资料等等打造全网一站式需求。

健康经济学(巴塔查里亚曹乾)课后判断题答案 (10)[3页]

11Moral HazardComprehension Questions1.When the price elasticity of demand for health care is zero,health insurancecoverage induces no moral hazard.TRUE.Moral hazard only occurs if a price distortion induces a change in behavior.If the price elasticity is zero,behavior does not change as a result of being insured.2.An uninsured patient who incessantly visits his doctor because he alwaysthinks he is getting sick is an example of moral hazard.FALSE.Assuming the patient is truly uninsured and must pay the full cost of his treatment,then he faces no price distortion and his actions do not con-stitute moral hazard.3.A woman who uses herﬁreplace only after she buys homeowner’s insuranceis an example of moral hazard.TRUE.If the woman faces a price distortion due to the insurance and would not have used herﬁreplace otherwise,then this decision is an example of moral hazard.4.A previously-uninsured man who enrolls in his workplace health insuranceplan after being diagnosed with multiple sclerosis is an example of moral hazard.12|Health Economics Answer KeyFALSE.The man was uninsured before he was diagnosed,so his disease is in no way attributable to a price distortion induced by insurance.Meanwhile, we have no indication that the man’s behavior changes once he obtains in-surance.This is much better described as an example of adverse selection. 5.Pauly(1974)shows that the socially optimal level of insurance in a marketis either full or none,depending on whether moral hazard or risk aversion predominates.FALSE.The socially optimal level of insurance balances the positive effects of insurance(risk reduction)with the negative effects of insurance(moral haz-ard).It is possible that this balance could be achieved with a partial insurance contract.6.Besides the common practice of charging copayments,health insurers haveno successful strategies for combating moral hazard.FALSE.Insurance customers can also use coinsurance,deductibles,and mon-itoring techniques to reduce moral hazard.Coinsurance and deductibles combat moral hazard by reducing price distortions;monitoring reduces moral hazard by mitigating information asymmetries.7.If a health insurance company could somehow monitor everything a cus-tomer does and thinks,it could create a full-insurance contract with no moral hazard.TRUE.Moral hazard depends entirely on information asymmetry between insurer and customer.8.It would be easy for private health insurers to eliminate moral hazard by re-designing insurance contracts,but they are prevented from doing so by strict government regulations(at least in most developed countries).FALSE.Insurmountable information asymmetry is the cause of moral haz-ard,not regulations on insurance contract design.Even in an unregulated market,insurers would have no easy way of telling whether their customers are always washing their hands or avoiding friends with theﬂu.9.Moral hazard is mostly a problem in countries with universal insurance pro-grams like the United Kingdom.FALSE.Moral hazard can arise in any insurance contract,even outside the context of a universal or public insurance program.c Bhattacharya,Hyde&Tu20132Chapter11|Moral Hazard|3 10.The fact that more free-plan participants logged ER visits for broken bonesthan cost-sharing plan participants in the RAND Health Insurance Experi-ment is evidence of moral hazard.TRUE.Moral hazard occurs when health insurance induces customers to be less careful with their health or induces them to seek more treatment when they do get hurt.11.An all-you-can-eat buffet is a classic example of moral hazard,because a pricedistortion induces overconsumption.FALSE.Moral hazard only occurs in the presence of asymmetric information.The restaurant could easily charge customers marginal costs for the food they eat,so the fact that they choose not to do so indicates there is something eco-nomically valuable about the all-you-can-eat system.Put another way,ban-ning all-you-can-eat buffets would not increase social welfare.3c Bhattacharya,Hyde&Tu2013。

常用金融英语词汇的翻译

常用金融英语词汇的翻译常用金融英语词汇的翻译acquiring company 收购公司bad loan 呆帐chart of cash flow 现金流量表clearly-established ownership 产权清晰debt to equity 债转股diversity of equities 股权多元化economy of scale 规模经济emerging economies 新兴经济exchange-rate regime 汇率机制fund and financing 筹资融资global financial architecture 全球金融体系global integration, globality 全球一体化，全球化go public 上市growth spurt （经济的）急剧增长have one's "two commas" 百万富翁hedge against 套期保值housing mortgage 住房按揭holdings 控股，所持股份holding company 控股公司initial offerings 原始股initial public offerings 首次公募innovative business 创新企业intellectual capital 智力资本inter-bank lending 拆借internet customer 网上客户investment payoff period 投资回收期joint-stock 参股mall rat 爱逛商店的年轻人means of production 生产要素(the)medical cost social pool for major diseases 大病医疗费用社会统筹mergers and acquisitions 并购mobile-phone banking 移动电话银行业moods 人气net potato 网虫non-store seling 直销offering 新股online-banking 网上银行业online-finance 在线金融online client （银行的）网上客户paper profit 帐面收益physical assets 有形资产project fund system 项目资本金制度pyramid sale 传销recapitalize 资产重组regional corrency blocks 地区货币集团regulate 调控sell off 变现share(stock) option 期权，股票认购权smart card 智能卡slash prices 杀价spare capacity 闲置的生产能力strong growth 强劲的增长势头switch trade 转手贸易take…public 上市tap the idle assets 盘活存量资产transaction （银行的）交易transfer payment from the exchequer 财政转移支付venture-capital 风险资本virtual bank 虚拟银行wire transfer 电子转帐经济金融术语汉英对照表A-BA安全网safety net按可比口径on comparable basis按轻重缓急to prioritize暗补implicit subsidy暗亏hidden lossB颁发营业执照to license;to grant a licence to办理存款业务to take deposits保护农民的生产积极性to protect farmers'incentive to produce备付金（超额准备金）excess reserves本外币并账consolidation of domestic and foreign currencyaccounts本外币对冲操作sterilization operation本位利益localized interest;departmentalism奔小康to strive to prosper;to strive to become well-to-do避税（请见“逃税”）tax avoidance币种搭配不当currency mismatch币种构成currency composition变相社会集资disguised irregular（or illegal）fund raising表外科目（业务）off-balance-sheet items（operation）薄弱环节weaknesses;loopholes不变成本fixed cost不变价at constant price;in real terms不动产real estate不良贷款problem loans；non-performing loansC财务公司finance companies财政赤字fiscal deficit财政挤银行fiscal pressure on the central bank（over monetary policy）财政政策与货币政策的配合coordination of fiscal and monetary policies采取循序渐进的方法in a phased and sequenced manner操作弹性operational flexibility操纵汇率to manipulate exchange rate产品构成product composition;product mix产品积压stock pile;excessive inventory产销率current period inventory;（即期库存，不含前期库存）sales/output ratio产销衔接marketability产业政策industrial policy长期国债treasury bonds敞口头寸open position炒股to speculate in the stock market承购包销underwrite（securities）成套机电产品complete sets of equipment;complete plant（s）城市信用社urban credit cooperatives（UCCs）城市合作银行urban cooperative banks;municipal united banks城市商业银行municipal commercial banks城乡居民收入增长超过物价涨幅real growth in household income持续升温persistent overheating重复布点duplicate projects重置成本replacement cost重组计划restructuring plan筹资渠道funding sources;financing channels初见成效initial success出口统一管理、归口经营canalization of exports出口退税export tax rebate储蓄存款household deposits（不完全等同于西方的savingsdeposits，前者包括活期存款，后者不包括。

Moral Hazard Adverse Selection and Unemployment Insurance.ppt

State Unemployment tax
Some states levy additional taxes (over 5.4%), moreover the base salary may be higher than the federal standard, it differs from state to state. In CO wage base is $10,000 for 2007/08 CO rates: 0.3%-5.4% New employers use 3.1% Average replacement ratio (Ben/Preunemployment earnings): 39.3% Unemployment rate (05/06): 4%
Unemployment Duration and
Unemployment Benefit
Meyer, Bruce “Unemployment Insurance and Unemployment Spells” Econometrica, 58 (1990) pp.757-782
Empirical Findings:
two parties interact one the other this information has a direct implication on the payoffs that the parties receive from a potential contract between them
UC reduces the last cost, thus, firms will layoff more the better is the UC.
How to avoid “subsidizing layoffs”?

安乐死应该合法化

安乐死是否构成犯罪，是否应该合法化这个问题越来越受到社会的关注。

国外已有很多国家承认安乐死合法化并加以立法完善，我国到目前为止发生的几起安乐死案例仍表明我国安乐死尚无法律规制。

我认为安乐死不构成刑法上的犯罪，为了适应社会的发展，我国应加快对安乐死合法化的立法步伐，但是应该对实施安乐死的条件加以严格限制。

Whether euthanasia should be legalized crime, this problem more and more attention of the society. Abroad already had a lot of national recognition of the legalization of euthanasia and to perfect legislation, our country so far occurred euthanasia case still showed no legal regulation of euthanasia in china. I think it does not constitute a criminal law on the crime, in order to adapt to social development, China should accelerate the pace of the legalization of euthanasia legislation to euthanasia, but should be strictly limited conditions.“安乐死”一词源自希腊文，由安逸和死两个词素构成。

其原意是“无痛地、仁慈地处死”，后来泛指“无痛地、安乐地死去”。

我国学者对安乐死的定义是：“患不治之症的病人在垂危状态下，由于精神和躯体的极端痛苦。

在病人和亲友的要求下，经过医生认可，用人道方法使病人在无痛苦状态中结束生命。

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Examples of moral hazard
1. Insurance and consumer behaviour
If your bike is not insured you will take great care to avoid it getting stolen. You will lock it carefully. However, if it becomes insured for its full value then if it gets stolen you do not really lose out. Therefore, you have less incentive to protect against theft. This becomes a situation of asymmetric information. The insurance company may assume you will look after your bike, but you may know that you won’t.
In these cases an insurance firm faces a dilemma.
When your bike is uninsured, it has say a 10% chance of getting stolen. Therefore, if the bike is worth £1,000. The cost of insurance would be based around £100.
However, once insured, the bike may now have a 30% chance of getting stolen. Therefore, if the insurance firm charges £100 based on the 10% risk, it will lose out.
This could lead to a missing market. The insurance firm doesn’t want to insure bicycles because people change their behaviour.
2. Moral hazard and Sub Prime Mortgages
In the case of the sub-prime mortgage market. Lenders faced a situation of moral hazard. They were able to sell on any mortgage they lent to other financial institutions. Because there was strong demand from other people, and because other banks were taking on all the risk, the mortgage companies had less incentive to check the mortgages could be repaid. Therefore, there was a big growth in sub-prime mortgage lending with inadequate checks made.
3. Bank Bailouts and Moral Hazard
If a manufacturing company goes bankrupt, the government will intervene. Therefore, they have an incentive to avoid taking unnecessary risks. However, generally governments feel they have to bailout banks to prevent a collapse in confidence in the banking industry. Therefore, banks may change their behaviour and take more risks. Sometimes people argue we should’t bailout banks
because this creates future moral hazard. If we always bail them out, they will repeat the risky mistakes later.
4. Fiscal and Monetary Union
It is argued that membership of the Euro can cause a type of moral hazard. A country in the Euro may assume that if it gets into difficulties, other countries will bail it out. Therefore, they may allow debt to grow. For example, when Greece joined the Euro, it benefited from low interest rates because it was in the Euro. This encouraged them to keep borrowing, until markets realised too late, that they actually had high debt。