(PPACA), more commonly known as Obamacare, relates strongly to the topic of this chapter. While originally a

controversial topic, it has gained majority approval at 55% as of March 2022. (Credit: “Obama at Healthcare rally at

UMD” by Daniel Borman/Flickr Creative Commons, CC BY 2.0)

CHAPTER OBJECTIVES

In this chapter, you will learn about:

• The Problem of Imperfect Information and Asymmetric Information

•

Insurance and Imperfect Information

Introduction to Information, Risk, and Insurance

BRING IT HOME

What’s the Big Deal with Obamacare?
In August 2009, many members of the U.S. Congress used their summer recess to return to their home districts and

hold town hall-style meetings to discuss President Obama’s proposed changes to the U.S. healthcare system. This

was officially known as the Patient Protection and Affordable Care Act (PPACA) or as the Affordable Care Act (ACA),
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