Multiple Dimensions of Private Information: Evidence from the Long-Term Care Insurance Market
证明长期护理保险市场中存在两种私人信息：高风险信息和强保险偏好。前者事后风险高于预期，后者低于预期，导致整体上保险购买量与风险不呈正相关，揭示了信息不对称的复杂性。
We demonstrate the existence of multiple dimensions of private information in the long-term care insurance market. Two types of people purchase insurance: individuals with private information that they are high risk and individuals with private information that they have strong taste for insurance. Ex post, the former are higher risk than insurance companies expect, while the latter are lower risk. In aggregate, those with more insurance are not higher risk. Our results demonstrate that insurance markets may suffer from asymmetric information even absent a positive correlation between insurance coverage and risk occurrence. The results also suggest a general test for asymmetric information.