A similar argument can be made with healthcare (especially the US insurance system). There is all sorts of information asymmetry, not only from available treatments/procedures, but then also providers
Kenneth Arrow wrote about this (in 1963), "Uncertainty and the welfare economics of health care" (see §II. generally, and perhaps §II. B. specifically):
* https://assets.aeaweb.org/asset-server/files/9442.pdf
Some disagree with the above assessment:
* https://archive.is/q1nSN / http://www.theatlantic.com/business/archive/2012/03/liberals...