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The Dynamics of Economic Epidemiology Equilibria

Author

Listed:
  • Aadland, David
  • Finnoff, David
  • Huang, Kevin X.D.

Abstract

In this paper, we investigate the nature of rational expectations equilibria for economic epidemiological models. Unlike mathematical epidemiological models, economic epidemiological models can produce regions of indeterminacy or instability around the endemic steady state. We consider SI, SIS, SIR and SIRS versions of economic compartmental models and show how well-intentioned public policy may contribute to disease instability and uncertainty.

Suggested Citation

  • Aadland, David & Finnoff, David & Huang, Kevin X.D., 2011. "The Dynamics of Economic Epidemiology Equilibria," MPRA Paper 29299, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:29299
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    File URL: https://mpra.ub.uni-muenchen.de/29299/1/MPRA_paper_29299.pdf
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    Citations

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    Cited by:

    1. Sandra Hoffmann, 2011. "Overcoming Barriers to Integrating Economic Analysis into Risk Assessment," Risk Analysis, John Wiley & Sons, vol. 31(9), pages 1345-1355, September.
    2. Berry, Kevin & Finnoff, David & Horan, Richard D. & Shogren, Jason F., 2015. "Managing the endogenous risk of disease outbreaks with non-constant background risk," Journal of Economic Dynamics and Control, Elsevier, vol. 51(C), pages 166-179.

    More about this item

    Keywords

    economic epidemiology; equilibria; dynamics; disease; indeterminacy; rational expectations;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • I1 - Health, Education, and Welfare - - Health

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