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Preferences after pan(dem)ics: Time and risk in the shadow of COVID-19

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  • Gassmann, Xavier
  • Malézieux, Antoine
  • Spiegelman, Eli
  • Tisserand, Jean-Christian

Abstract

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.

Suggested Citation

  • Gassmann, Xavier & Malézieux, Antoine & Spiegelman, Eli & Tisserand, Jean-Christian, 2022. "Preferences after pan(dem)ics: Time and risk in the shadow of COVID-19," Judgment and Decision Making, Cambridge University Press, vol. 17(4), pages 745-767, July.
    • Handle: RePEc:cup:judgdm:v:17:y:2022:i:4:p:745-767_4
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