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Consumer behavior and decision making from officed- based doctors A systematic literature review

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  • Pitterle, Claudia

Abstract

The aim of this literature review is to systematically summarize the existing knowledge and theories on the subject of decision-making behavior in general and in particular, when doctors have to decide for or against insurance for their own practice. Publications on decision psychology, behavioral economics, consumer behavior and modern brain research were evaluated. Special interest was paid to studies with regard to insurance demand and the regulatory framework. Each branch of science deals with decisions that people make consciously and unconsciously. Conducted worldwide studies of insurance demand have been directed to try to confirm or disprove certain theories using experiments. In summary, research in recent years has been increasingly in the area of behavioral economics in particular behavioral patterns. It has been confirmed that decision behavior related to insurance demand is very much shaped by determinants such as risk, uncertainty, and cognitive systems. Insurance consulting must continue to take these determinants into account in a more targeted manner in the future.

Suggested Citation

  • Pitterle, Claudia, 2022. "Consumer behavior and decision making from officed- based doctors A systematic literature review," MPRA Paper 117730, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:117730
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    References listed on IDEAS

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    1. Camerer, Colin F & Hogarth, Robin M, 1999. "The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 7-42, December.
    2. Mark Browne & Christian Knoller & Andreas Richter, 2015. "Behavioral bias and the demand for bicycle and flood insurance," Journal of Risk and Uncertainty, Springer, vol. 50(2), pages 141-160, April.
    3. Richard H. Thaler, 2008. "Mental Accounting and Consumer Choice," Marketing Science, INFORMS, vol. 27(1), pages 15-25, 01-02.
    4. Levon Barseghyan & Francesca Molinari & Ted O'Donoghue & Joshua C. Teitelbaum, 2013. "The Nature of Risk Preferences: Evidence from Insurance Choices," American Economic Review, American Economic Association, vol. 103(6), pages 2499-2529, October.
    5. Justin Sydnor, 2010. "(Over)insuring Modest Risks," American Economic Journal: Applied Economics, American Economic Association, vol. 2(4), pages 177-199, October.
    6. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    7. Gigerenzer, Gerd, 2018. "The Bias Bias in Behavioral Economics," Review of Behavioral Economics, now publishers, vol. 5(3-4), pages 303-336, December.
    8. Howard Beales, 2008. "Consumer Protection and Behavioral Economics: To BE or Not to BE?," CPI Journal, Competition Policy International, vol. 4.
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    More about this item

    Keywords

    decision-making; doctors in private practice; insurance demand; behavioral patterns;
    All these keywords.

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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