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Risk perception and policy responses to Covid-19: New Evidence

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  • Mafalda Venâncio de Vasconcelos
  • Filipa Leão de Vasconcelos

Abstract

Governments around the world have been taking unprecedent responses in order to slow down the spread of Covid-19, a highly infectious disease caused by the new coronavirus SARS-CoV-2. Although containment measures imposed by governments may help to contain the spread of the virus they had led to large economic and social costs. In this study we link psychological vulnerabilities to economics in an attempt to analyze the impact of government containment measures on citizens' risk perception of death directly caused by Covid-19. In the context of pandemic, it is crucial to understand if restrictions imposed by governments impact people's risk perception. If people perceive higher risk, they will be more prone to follow health authorities' recommendations and there are higher chances that the pandemic will be brought under control. Our study presents evidence that during the first wave of Covid-19, stringent containment measures imposed by governments increase citizens' risk perception. We also find that economic activity is also an important driver of risk perception, namely, higher economic activity decreases people's risk perception of death directly caused by Covid-19.

Suggested Citation

  • Mafalda Venâncio de Vasconcelos & Filipa Leão de Vasconcelos, 2021. "Risk perception and policy responses to Covid-19: New Evidence," CHILD Working Papers Series 91 JEL Classification: H1, Centre for Household, Income, Labour and Demographic Economics (CHILD) - CCA.
    • Handle: RePEc:cca:wchild:91
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    References listed on IDEAS

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    1. Herrera, Helios & Konradt, Maximilian & Ordoñez, Guillermo & Trebesch, Christoph, 2020. "Corona politics: The cost of mismanaging pandemics," Kiel Working Papers 2165, Kiel Institute for the World Economy.
    2. Pragyan Deb & Davide Furceri & Jonathan D. Ostry & Nour Tawk, 2022. "The Economic Effects of COVID-19 Containment Measures," Open Economies Review, Springer, vol. 33(1), pages 1-32, February.
    3. Michael Siegrist & Heinz Gutscher & Timothy C. Earle, 2005. "Perception of risk: the influence of general trust, and general confidence," Journal of Risk Research, Taylor & Francis Journals, vol. 8(2), pages 145-156, March.
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