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Dynamic Impact of the Perceived Value of Public on Panic Buying Behavior during COVID-19

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  • Qing-Hua Mao

    (School of Economics and Management, Yanshan University, Qinhuangdao 066004, China)

  • Jiang-Xiao Hou

    (School of Economics and Management, Yanshan University, Qinhuangdao 066004, China)

  • Peng-Zhen Xie

    (School of Economics and Management, Yanshan University, Qinhuangdao 066004, China)

Abstract

In this paper, an evolutionary game model for the development of panic buying events in COVID-19 is constructed by studying the dynamic process of the public and the government adjusting their strategic choices and playing a continuous game. This paper uses regret theory to depict the public’s perceived value of the items in the panic buying situation, describes the characteristics of each stage of the rumors spreading process and the evolution process of panic buying events, and introduces the variable of public critical ability to measure the public’s panic buying willingness. The results show that the government’s intervention measures according to the characteristics of different stages can effectively control the continuous fermentation time and influence the scope of panic buying events. The implementation of the government’s rumor-refutation strategy will also significantly affect the volume of public panic buying, which will help the government timely understand the public’s epidemic prevention needs in COVID-19, relieve public panic, and provide a basis for the effective management and scheduling of emergency supplies.

Suggested Citation

  • Qing-Hua Mao & Jiang-Xiao Hou & Peng-Zhen Xie, 2022. "Dynamic Impact of the Perceived Value of Public on Panic Buying Behavior during COVID-19," Sustainability, MDPI, vol. 14(9), pages 1-15, April.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:9:p:4874-:d:796748
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    References listed on IDEAS

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    1. Rithika Dulam & Kazuo Furuta & Taro Kanno, 2021. "Consumer Panic Buying: Realizing Its Consequences and Repercussions on the Supply Chain," Sustainability, MDPI, vol. 13(8), pages 1-24, April.
    2. Tim Johnson & Christopher T. Dawes & James H. Fowler & Oleg Smirnov, 2020. "Slowing COVID-19 transmission as a social dilemma: Lessons for government officials from interdisciplinary research on cooperation," Journal of Behavioral Public Administration, Center for Experimental and Behavioral Public Administration, vol. 3(1).
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    Cited by:

    1. Guohua He & Zirun Hu, 2022. "A Model of Panic Buying and Workforce under COVID-19," IJERPH, MDPI, vol. 19(24), pages 1-14, December.
    2. Shan, Haiyan & Pi, Wenjie, 2023. "Mitigating panic buying behavior in the epidemic: An evolutionary game perspective," Journal of Retailing and Consumer Services, Elsevier, vol. 73(C).

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