Hyperbolic Discounting and COVID-19 Policy Responses

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Penn collection
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hyperbolic discounting
time preferences
behavioral economics
public policy
Behavioral Economics
Health Policy
Public Policy
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Traditional economic theory assumes that policymakers are rational. However, one bias that policymakers may exhibit is hyperbolic discounting, particularly in health and environmental policy. This paper investigated whether a correlation between hyperbolic discounting and COVID-19 policy responses existed. Results showed that rational discounting and hyperbolic discounting both explain the stringency of policy responses across the world, although this effect was not driven by any specific policies. Further research is needed to determine the mechanism behind the relationship.

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Judd Kessler
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2020-01-01
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