Yes very interesting post indeed.
But in defense of Robert, it sometimes is hard to find the perfect examples of Moral Hazard where the "victims" do not suffer at least some degree. Banks that foreclose now get about 50% of the principle they lent out back.

Even if some climbers fall or die on the mountains, many amateur climbers carry cell phones and other communication devices to contact in case of emergency. So now days there is an increased chance of being rescued even in some remote locations.

Moral hazard is that the people that choose behavior that is risky do not suffer all the consequences of their actions. Thus these many amateur mountain climbers should have all suffered death for their stupidity.

Of course we live in a compassionate environment where even Larry Hagman got a liver...

Rutherfordian ------------------------------ RDRutherford