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♪ [music] ♪ - [Professor Tyler Cowen] In the previous video, we introduced the ideas of asymmetric information, and adverse selection and we applied those ideas to the used car market. Lets take those same basic concepts, and build a basic model of health insurance. Suppose that potential health insurance consumers come in a range of states of health. For instance, the least healthy people might cost about $30,000 a year. Thats these folks here. The most healthy might cost nothing in healthcare. Thats these folks over here. Now consumers know this information, but by assumption, insurers dont. From the insurer point of view, everyone is of the same average health. Here again, we have asymmetric information. That is consumers of healthcare have more information about their health status than insurers do. In this scenario, insurers have to price the coverage based on the average cost among all consumers, namely, $15,000. But if the insurance costs $15,000, then a portio
