Why don’t people just get typical forms of insurance, like health, disability, and unemployment?
Because they’re more expensive?
Standard EV calculations tells you that (given risk neutrality) insurance is a loser’s game, assuming that you don’t have special information that the insurers do not.
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Why don’t people just get typical forms of insurance, like health, disability, and unemployment?
Because they’re more expensive?
Standard EV calculations tells you that (given risk neutrality) insurance is a loser’s game, assuming that you don’t have special information that the insurers do not.