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Using pandemic behavior to test the external validity of laboratory measurements of risk aversion and guilt

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  • Collier, Trevor
  • Cotten, Stephen
  • Roush, Justin

Abstract

We test whether laboratory measures of individual preferences for risk and guilt relate to risk-connected behaviors in a pandemic, such as socializing, dining in at restaurants, and hand washing. We utilize a survey administrated to a nationally representative subject pool in the United States in April, 2020 - the month following the declaration of a national state of emergency in response to the global outbreak of COVID-19. We find that higher levels of risk aversion are associated with risk-reducing behaviors during the COVID-19 pandemic. Meanwhile, we do not find strong evidence that guilt relates to the same behavior.

Suggested Citation

  • Collier, Trevor & Cotten, Stephen & Roush, Justin, 2022. "Using pandemic behavior to test the external validity of laboratory measurements of risk aversion and guilt," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 101(C).
    • Handle: RePEc:eee:soceco:v:101:y:2022:i:c:s2214804322001094
    DOI: 10.1016/j.socec.2022.101938
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    More about this item

    Keywords

    Pandemic; Risk aversion; Inequality aversion; Guilt; Experiment; External validity;
    All these keywords.

    JEL classification:

    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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