• Explain the presence of moral hazard can lead to

a market failure in insurance markets.

• What are some reasons to think a fully funded

retirement system of private accounts might perform better than a

pay-as-you-go unfunded system? What are some reason to think it

might not?

• Explain why medicare does not suffer from adverse

selection to the same extent as private non-group insurance.

Answers to any of these are appreciated thanks.