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Understanding Cross-Country Heterogeneity in Health and Economic Outcomes during the COVID-19 Pandemic: A Revealed-Preference Approach

Author

Listed:
  • Daisuke Fujii

    (University of Tokyo and RIETI)

  • Sohta Kawawaki

    (University of Tokyo)

  • Yuta Maeda

    (University of Tokyo)

  • Masataka Mori

    (Middlebury College)

  • Taisuke Nakata

    (University of Tokyo)

Abstract

There is a large heterogeneity in health and macroeconomic outcomes across countries during the COVID-19 pandemic. We present a novel framework to understand the source of this heterogeneity, combining an estimated macro-epidemiological model and the idea of revealed preference. Our framework allows us to decompose the difference in health and macroeconomic outcomes across countries into two components: preference and constraint. We find that there is a large heterogeneity in both components across countries and that some countries such as Japan or Australia are willing to accept a large output loss to reduce the number of COVID-19 deaths.

Suggested Citation

  • Daisuke Fujii & Sohta Kawawaki & Yuta Maeda & Masataka Mori & Taisuke Nakata, 2022. "Understanding Cross-Country Heterogeneity in Health and Economic Outcomes during the COVID-19 Pandemic: A Revealed-Preference Approach," CARF F-Series CARF-F-541, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    • Handle: RePEc:cfi:fseres:cf541
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