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Risk Perceptions and Private Protective Behaviors: Evidence from COVID-19 Pandemic

Author

Listed:
  • M. Kate Bundorf

    (Duke University and NBER)

  • Jill DeMatteis

    (Westat)

  • Grant Miller

    (Stanford University and NBER)

  • Maria Polyakova

    (Stanford University and NBER)

  • Jialu L. Streeter

    (Stanford University)

  • Jonathan Wivagg

    (Westat)

Abstract

We analyze data from a survey we administered during the COVID-19 pandemic to investigate the relationship between people’s subjective beliefs about risks and their private protective behaviors. On average, people substantially overestimate the absolute level of risk associated with economic activity, but have directionally correct signals about their relative risk based on their demographic characteristics. Subjective risk beliefs are predictive of changes in economic activities independent of government policies. Government mandates restricting economic behavior, in turn, attenuate the relationship between subjective risk beliefs and protective behaviors.

Suggested Citation

  • M. Kate Bundorf & Jill DeMatteis & Grant Miller & Maria Polyakova & Jialu L. Streeter & Jonathan Wivagg, 2025. "Risk Perceptions and Private Protective Behaviors: Evidence from COVID-19 Pandemic," The Review of Economics and Statistics, MIT Press, vol. 107(3), pages 728-740, May.
    • Handle: RePEc:tpr:restat:v:107:y:2025:i:3:p:728-740
    DOI: 10.1162/rest_a_01309
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