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The Welfare State as Piggy BankInformation, Risk, Uncertainty, and the Role of the State$
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Nicholas Barr

Print publication date: 2001

Print ISBN-13: 9780199246595

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0199246599.001.0001

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The Mirage of Private Unemployment Insurance

The Mirage of Private Unemployment Insurance

(p.33) Chapter 3 The Mirage of Private Unemployment Insurance
The Welfare State as Piggy Bank

Nicholas Barr (Contributor Webpage)

Oxford University Press

Chapter 3 discusses unemployment insurance. Actuarial insurance faces a series of problems including adverse selection and – particularly – moral hazard. It is, therefore, not surprising that private insurance connected with unemployment – for example mortgage protection policies – is offered on only the most restrictive of conditions, and that no private policies offer cover remotely comparable to that of state schemes. The state, in contrast, can offer social insurance.

Keywords:   actuarial insurance, adverse selection, moral hazard, social insurance, unemployment insurance

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