Arbeitspapier
Static and Dynamic Inefficiencies in an Optimizing Model of Epidemics
In an optimizing model of epidemics several externalities arise when agents shield to avoid infection. Optimizing behaviour delays herd immunity but also reduces overall infections to approximately the minimum consistent with herd immunity. For reasonable parameter values, and with no vaccine, we find that agents delay too much because of a "rat race to shield": they shield too much in the hope that others catch the disease and reach herd immunity. This and other externalities drive large wedges between private and social outcomes. The expectation of a vaccine reverses the effects, and agents shield too little.
- Sprache
-
Englisch
- Erschienen in
-
Series: IZA Discussion Papers ; No. 13844
- Klassifikation
-
Wirtschaft
Relation of Economics to Other Disciplines
Health: General
Demographic Economics: Public Policy
Allocative Efficiency; Cost-Benefit Analysis
Externalities
- Thema
-
SIR models
matching model
COVID-19
social distancing
rat race
herd immunity
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Garibaldi, Pietro
Moen, Espen R.
Pissarides, Christopher A.
- Ereignis
-
Veröffentlichung
- (wer)
-
Institute of Labor Economics (IZA)
- (wo)
-
Bonn
- (wann)
-
2020
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Garibaldi, Pietro
- Moen, Espen R.
- Pissarides, Christopher A.
- Institute of Labor Economics (IZA)
Entstanden
- 2020
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