| 单词 | moral hazard |
| 释义 | moral hazard moral hazard The situation in which a person or organization has no incentive to act honestly or with due prudence. The term is mainly used in the insurance world, where a typical example of a person exposed to moral hazard would be the owner of an insured car, who has little or no incentive to guard against theft. Moral hazard is closely associated with the concept of adverse selection, as when a person purchasing health insurance declines to reveal his or her greater likelihood to need health treatment than the average. Most recently, the phrase has been widely used in relation to the financial crisis of 2007–08, it being held that the lack of transparency associated with complex structured finance products constituted a moral hazard that encouraged irresponsible risk taking. Similarly, the too big to fail principle associated with the banks and other major financial institutions has been seen as a form of moral hazard. |
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