Published Online:September 2024
Product Name:The IUP Journal of Financial Risk Management
Product Type:Article
Product Code:IJFRM030924
Author Name:Pratima Yadav, Ramesh Athe and Rinshu Dwivedi
Availability:YES
Subject/Domain:Finance
Download Format:PDF
Pages:38-54
Uncertainty in life gained momentum with the outbreak of recent Covid-19 pandemic. Since then, it has been at the center stage of many debates and has attracted academicians from different streams. Researchers have applied this concept on a wide range of scientific research. However, as per our understanding, there is a dearth of research addressing the consumer choice under uncertainty and risk preference with reference to health insurance, which makes this study pivotal. This systematic review is completed using economics and other databases search engines such as Econlit, RePEc, Google Scholar, ScienceDirect, JSTOR, PubMed, etc. Original papers on consumer choice under uncertainty are retrieved after screening by three independent reviewers. Data is extracted into a specifically designed form and managed in the Review Manager (RevMan). Furthermore, papers are assessed independently for the risk of bias. A descriptive and qualitative analysis is performed using the advanced statistical techniques such as Q-statistics, fixed-effect meta-analysis, etc. A meta-analysis is conducted to include studies that evaluated outcome concentration.
“Wherever we are today, it represents our past choices and where we will be tomorrow reflects today’s preferences (selection).” Therefore, choices are very pertinent in life, and this is even more so in case of health and wellbeing of individuals and their family members.