Indicate whether the statement is true or false, and justify your answer.
7. There are no possible utility functions in which a person is indifferent between actuarially fair full insurance and actuarially fair partial insurance.
8. A risk averse individual prefers a certain outcome to an uncertain outcome with the same expected income.
9. Insurance represents a transfer of wealth from healthy states to sick states.
10. Under partial insurance, income in the sick state with insurance is higher than income in the healthy state.
