Should we introduce distortions in a free market

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Unformatted text preview: Ethical perspectives Moral judgement: Possible frameworks Central questions We need to be able to judge what is fair How much discrimination is too much discrimination? Should we introduce distortions in a free market? Could too much regulation lead to the absence of insurance available? (affordability being part of availability) Should people be punished/rewarded for certain characteristics? (e.g.: being female, being a smoker, being rich, having a white collar job) Should we ensure everyone (including high risks) have access to insurance? In fact, what is the role of insurance? We need a framework of fairness (or justice) to balance the conflicting demands. 17/20 Actuarial Statistics – Module 4b: Ethical perspectives Moral judgement: Possible frameworks Utilitarianism 1 Introduction - Ethics Some elements of definition The process 2 Moral awareness in context: Actuarial applications Discrimination in insurance Heterogeneity in insurance Heterogeneity - Illustrations Discrimination - Illustrations 3 Moral judgement: Possible frameworks Central questions Utilitarianism Deontology A. Asher’s framework 18/20 Actuarial Statistics – Mod...
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