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Covid-19 Pandemic and the role of behavioral economics

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  • Kumar B, Pradeep

Abstract

The New Normal has become a buzzword thank to the Covid-19 pandemic. The realization that the pandemic is to persist has tended people to redesign their livelihood opportunities to realize not only a New Normal but a Better or Different Normal. Behavioral Economics, a new branch in economics that mixes economics with other disciplines in an attempt to present real economic behavior of man, has been found to be relevant in explaining the behavior of economic agents in times of Covid. This paper intends to focus on the certain aspects in behavioral economics which the policy makers find useful to design their strategies in dealing with the spreading of the Covid-19 pandemic.

Suggested Citation

  • Kumar B, Pradeep, 2020. "Covid-19 Pandemic and the role of behavioral economics," MPRA Paper 107502, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:107502
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    File URL: https://mpra.ub.uni-muenchen.de/107502/1/MPRA_paper_107502.pdf
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    References listed on IDEAS

    as
    1. Moslem Soofi & Farid Najafi & Behzad Karami-Matin, 2020. "Using Insights from Behavioral Economics to Mitigate the Spread of COVID-19," Applied Health Economics and Health Policy, Springer, vol. 18(3), pages 345-350, June.
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    More about this item

    Keywords

    New Normal; Better Normal; Different Normal; Rationality; Present Bias; Status Quo Bias; Optimum Bias; Framing effect; Affect heuristic; Herding Behavior; Infodemic;
    All these keywords.

    JEL classification:

    • I00 - Health, Education, and Welfare - - General - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

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