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Covid and Social Distancing with a Heterogenous Population

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  • Miltiadis Makris

Abstract

Motivated by the current coronavirus epidemic, we analyse a SIR model of an epidemic but with endogenous social distancing and calibrate it to UK data to study various hypothetical scenarios of government intervention regarding social distancing. We explicitly take into account that (a) there is heterogeneity among the population in terms of infection-induced fatality rates and thereby private decisions on social distancing, and that (b), due to limited resources available for health services, mortality rates may depend on the stock of infected people who become seriously ill because of the infection.

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  • Miltiadis Makris, 2020. "Covid and Social Distancing with a Heterogenous Population," Studies in Economics 2002, School of Economics, University of Kent.
    • Handle: RePEc:ukc:ukcedp:2002
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    1. Dirk Krueger & Harald Uhlig & Taojun Xie, 2022. "Macroeconomic dynamics and reallocation in an epidemic: evaluating the ‘Swedish solution’," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 37(110), pages 341-398.
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    5. Glover, Andrew & Heathcote, Jonathan & Krueger, Dirk & Ríos-Rull, José-Víctor, 2023. "Health versus wealth: On the distributional effects of controlling a pandemic," Journal of Monetary Economics, Elsevier, vol. 140(C), pages 34-59.
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    7. Flavio Toxvaerd, 2019. "Rational Disinhibition And Externalities In Prevention," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 60(4), pages 1737-1755, November.
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    Cited by:

    1. Collier, Trevor & Cotten, Stephen & Roush, Justin, 2022. "Using pandemic behavior to test the external validity of laboratory measurements of risk aversion and guilt," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 101(C).
    2. Abel Brodeur & David Gray & Anik Islam & Suraiya Bhuiyan, 2021. "A literature review of the economics of COVID‐19," Journal of Economic Surveys, Wiley Blackwell, vol. 35(4), pages 1007-1044, September.
    3. Adriani, Fabrizio & Ladley, Dan, 2021. "Social distance, speed of containment and crowding in/out in a network model of contagion," Journal of Economic Behavior & Organization, Elsevier, vol. 190(C), pages 597-625.
    4. Acedański, Jan, 2021. "Optimal lockdown policy during the election period," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 102-117.
    5. Fabrizio Adriani, 2020. "Social distance, speed of containment, and crowding in/out in a network model of contagion," Discussion Papers 2020-10, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
    6. Makris, M. & Toxvaerd, F., 2020. "Great Expectations: Social Distancing in Anticipation of Pharmaceutical Innovations," Cambridge Working Papers in Economics 2097, Faculty of Economics, University of Cambridge.
    7. Christopher Avery, 2021. "A Simple Model of Social Distancing and Vaccination," NBER Working Papers 29463, National Bureau of Economic Research, Inc.

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    Keywords

    COVID-19; Epidemiology; SIR model; Social Distancing; Externalities;
    All these keywords.

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