4 Moral hazard(道德风险) Moral hazard occurs when a party insulated from risk may behave differently than it would behave if it were fully exposed to the risk. More broadly,moral hazard occurs when the party with more information about its actions or intentions has a tendency or incentive to behave inappropriately from the perspective of the party with less information4 Moral hazard（道德风险） ◼ Moral hazard occurs when a party insulated from risk may behave differently than it would behave if it were fully exposed to the risk. ◼ More broadly, moral hazard occurs when the party with more information about its actions or intentions has a tendency or incentive to behave inappropriately from the perspective of the party with less information