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The behavioural impact of pandemics: Incomplete markets and the supply chain

In: Handbook of Research Methods in Behavioural Economics

Author

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  • David A. Savage
  • Derek Friday

Abstract

This chapter offers a discussion around the need to adopt complexity into economic modelling of behaviour and illustrates the links between individual and group behaviours that led to unpredictable demand spikes and incomplete markets. The chapter is based on the argument that economic models and assumptions on the mechanics of markets have been useful in creating abstractions from which to model the interactions of supply and demand, yet these may not be helpful when extrapolating to the real world. As such, there is a need to adopt more complexity to better understand the behavioural factors behind the unanticipated demand shocks resulting in panic buying and stockouts during a pandemic. The chapter explores the conceptual relationship between human behaviour and the market/supply chain problems exposed by the COVID-19 pandemic around the world. This is done using the lens of complex systems to link individuals and group behaviours to demand, supply and the supply chain side problems caused by the COVID-19 pandemic.

Suggested Citation

  • David A. Savage & Derek Friday, 2023. "The behavioural impact of pandemics: Incomplete markets and the supply chain," Chapters, in: Morris Altman (ed.), Handbook of Research Methods in Behavioural Economics, chapter 16, pages 285-305, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19806_16
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    Keywords

    Economics and Finance; Research Methods;

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