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The Blossoming of Economic Epidemiology

Author

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  • David McAdams

    (Fuqua School of Business and Department of Economics, Duke University, Durham, North Carolina 27708, USA)

Abstract

Infectious diseases, ideas, new products, and other infectants spread in epidemic fashion through social contact. The COVID-19 pandemic, the proliferation of fake news, and the rise of antimicrobial resistance have thrust economic epidemiology into the forefront of public policy debate and reinvigorated the field. Focusing for concreteness on disease-causing pathogens, this review provides a taxonomy of economic-epidemic models, emphasizing both the biology/immunology of the disease and the economics of the social context. An economic epidemic is one whose diffusion through the agent population is generated by agents’ endogenous behavior. I highlight properties of the equilibrium epidemic trajectory and discuss ways in which public health authorities can change the game for the better by (a) imposing restrictions on agent activity to reduce the harm done during a viral outbreak and (b) enabling diagnostic-informed interventions to slow or even reverse the rise of antibiotic resistance.

Suggested Citation

  • David McAdams, 2021. "The Blossoming of Economic Epidemiology," Annual Review of Economics, Annual Reviews, vol. 13(1), pages 539-570, August.
    • Handle: RePEc:anr:reveco:v:13:y:2021:p:539-570
    DOI: 10.1146/annurev-economics-082120-122900
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    Citations

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    Cited by:

    1. McAdams, David & Song, Yangbo & Zou, Dihan, 2023. "Equilibrium social activity during an epidemic," Journal of Economic Theory, Elsevier, vol. 207(C).
    2. Goodkin-Gold, Matthew & Kremer, Michael & Snyder, Christopher M. & Williams, Heidi, 2022. "Optimal vaccine subsidies for endemic diseases," International Journal of Industrial Organization, Elsevier, vol. 84(C).
    3. Martin-Lapoirie, Dylan & McColl, Kathleen & Gallopel-Morvan, Karine & Arwidson, Pierre & Raude, Jocelyn, 2024. "Health protective behaviours during the COVID-19 pandemic: Risk adaptation or habituation?," Social Science & Medicine, Elsevier, vol. 342(C).
    4. Joshua S. Gans, 2023. "Vaccine Hesitancy, Passports, And The Demand For Vaccination," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 64(2), pages 641-652, May.
    5. Carnehl, Christoph & Fukuda, Satoshi & Kos, Nenad, 2023. "Epidemics with behavior," Journal of Economic Theory, Elsevier, vol. 207(C).
    6. Sabina Marchetti & Alessandro Borin & Francesco Paolo Conteduca & Giuseppe Ilardi & Giorgio Guzzetta & Piero Poletti & Patrizio Pezzotti & Antonino Bella & Paola Stefanelli & Flavia Riccardo & Stefano, 2022. "An Epidemic Model for SARS-CoV-2 with Self-Adaptive Containment Measures," Questioni di Economia e Finanza (Occasional Papers) 681, Bank of Italy, Economic Research and International Relations Area.
    7. Yasushi Iwamoto, 2021. "Welfare economics of managing an epidemic: an exposition," The Japanese Economic Review, Springer, vol. 72(4), pages 537-579, October.
    8. Shomak Chakrabarti & Ilia Krasikov & Rohit Lamba, 2022. "Behavioral epidemiology: An economic model to evaluate optimal policy in the midst of a pandemic," Papers 2202.04174, arXiv.org.

    More about this item

    Keywords

    COVID-19; economic epidemic; epidemic limbo; lockdown; antibiotic resistance;
    All these keywords.

    JEL classification:

    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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