Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/323261 
Year of Publication: 
2024
Citation: 
[Journal:] Economic Theory [ISSN:] 1432-0479 [Volume:] 79 [Issue:] 3 [Publisher:] Springer Berlin Heidelberg [Place:] Berlin/Heidelberg [Year:] 2024 [Pages:] 889-910
Publisher: 
Springer Berlin Heidelberg, Berlin/Heidelberg
Abstract: 
Abstract Against the backdrop of Covid-19, we study the effectiveness of public policies typically employed to fight an epidemic. We extend the compartmental SIR model to explore the trade-offs which govern individual behavior. Our stylized model allows for a closed form analysis of vaccination and lockdown policies. We establish Peltzman effects: as policies lower the risk of infections, people become more socially active, which—in turn—undermines their effectiveness. We detect patterns in data for both US states and countries in Western Europe that are consistent with the notion that such effects are shaping actual infection dynamics to a considerable extent.
Subjects: 
Pandemic
Behavioral adjustment
SIR model
Risk compensation
Lockdowns
Vaccinations
Persistent Identifier of the first edition: 
Additional Information: 
I12;I18
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version
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