Preferences after pan(dem)ics: Time and risk in the shadow of COVID-19
This paper uses the COVID-19 health crisis to study how individual preferences respond to generalized traumatic events. We review previous literature on natural and man-made disasters. Using incentive-compatible tasks, we simultaneously estimate risk and ambiguity aversion, time discounting, present...
| Main Authors: | , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Cambridge University Press
2022-07-01
|
| Series: | Judgment and Decision Making |
| Subjects: | |
| Online Access: | http://journal.sjdm.org/22/220225/jdm220225.pdf |
| _version_ | 1797760728679055360 |
|---|---|
| author | Xavier Gassmann Antoine Malézieux Eli Spiegelman Jean-Christian Tisserand |
| author_facet | Xavier Gassmann Antoine Malézieux Eli Spiegelman Jean-Christian Tisserand |
| author_sort | Xavier Gassmann |
| collection | DOAJ |
| description | This paper uses
the COVID-19 health crisis to study how individual preferences respond to
generalized traumatic events. We review previous literature on natural and
man-made disasters. Using incentive-compatible tasks, we simultaneously
estimate risk and ambiguity aversion, time discounting, present bias, and
prudence parameters before, during, and after the COVID-19 lockdown in France.
We find patience, risk aversion, and ambiguity aversion fell during lockdown,
then gradually returned toward their initial levels 4 months later. These
results have implications for health and economic policies, and deepen our
understanding of the responses – and resilience – of economic preferences to
traumatic events. |
| first_indexed | 2024-03-12T19:02:46Z |
| format | Article |
| id | doaj.art-e4093ebdb3a548cc8438257cbc9c1616 |
| institution | Directory Open Access Journal |
| issn | 1930-2975 |
| language | English |
| last_indexed | 2024-03-12T19:02:46Z |
| publishDate | 2022-07-01 |
| publisher | Cambridge University Press |
| record_format | Article |
| series | Judgment and Decision Making |
| spelling | doaj.art-e4093ebdb3a548cc8438257cbc9c16162023-08-02T06:33:32ZengCambridge University PressJudgment and Decision Making1930-29752022-07-01174745767Preferences after pan(dem)ics: Time and risk in the shadow of COVID-19Xavier GassmannAntoine MalézieuxEli SpiegelmanJean-Christian TisserandThis paper uses the COVID-19 health crisis to study how individual preferences respond to generalized traumatic events. We review previous literature on natural and man-made disasters. Using incentive-compatible tasks, we simultaneously estimate risk and ambiguity aversion, time discounting, present bias, and prudence parameters before, during, and after the COVID-19 lockdown in France. We find patience, risk aversion, and ambiguity aversion fell during lockdown, then gradually returned toward their initial levels 4 months later. These results have implications for health and economic policies, and deepen our understanding of the responses – and resilience – of economic preferences to traumatic events.http://journal.sjdm.org/22/220225/jdm220225.pdfchoice under uncertainty covid-19 preference stabilitynakeywords |
| spellingShingle | Xavier Gassmann Antoine Malézieux Eli Spiegelman Jean-Christian Tisserand Preferences after pan(dem)ics: Time and risk in the shadow of COVID-19 Judgment and Decision Making choice under uncertainty covid-19 preference stabilitynakeywords |
| title | Preferences after
pan(dem)ics: Time and risk in the shadow of COVID-19 |
| title_full | Preferences after
pan(dem)ics: Time and risk in the shadow of COVID-19 |
| title_fullStr | Preferences after
pan(dem)ics: Time and risk in the shadow of COVID-19 |
| title_full_unstemmed | Preferences after
pan(dem)ics: Time and risk in the shadow of COVID-19 |
| title_short | Preferences after
pan(dem)ics: Time and risk in the shadow of COVID-19 |
| title_sort | preferences after pan dem ics time and risk in the shadow of covid 19 |
| topic | choice under uncertainty covid-19 preference stabilitynakeywords |
| url | http://journal.sjdm.org/22/220225/jdm220225.pdf |
| work_keys_str_mv | AT xaviergassmann preferencesafterpandemicstimeandriskintheshadowofcovid19 AT antoinemalezieux preferencesafterpandemicstimeandriskintheshadowofcovid19 AT elispiegelman preferencesafterpandemicstimeandriskintheshadowofcovid19 AT jeanchristiantisserand preferencesafterpandemicstimeandriskintheshadowofcovid19 |