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Adverse selection is a situation where a selection process ends with only those with undesirable characteristics left. Probably the best example of adverse selection is car insurance. Let us assume that there are two types of poor drivers, those that are just bad drivers and those that are just purely unlucky. This explains why there are some good drivers who have huge premiums or just can't get car insurance. The insurance company cannot determine which of the drivers have bad driving habits and which have only had a string of bad luck accidents. Therefore for the insurance company to insure those with poor driving records they must charge extra high premiums...
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