IDEAS home Printed from https://ideas.repec.org/a/mgs/ijoied/v7y2021i2p47-63.html
   My bibliography  Save this article

The Paradoxical Effects of Uncertainty: A perspective of South Africa’s Risk Adjusted Strategy on COVID-19

Author

Listed:
  • Jeremiah Kau Makokoane

    (The Southern Africa Institute of Management Scientists, Independent researcher, South Africa)

Abstract

The emergence of the coronavirus SARS-CoV-2 which causes the COVID-19 disease was on 11 March 2020 declared a public health pandemic by the World Health Organization since it threatens human life and livelihood. Covid-19 which originates from China has stretched across nations globally from the end of 2019. In administering public policy of affected countries each government has adopted a counter strategy of containing this biological outbreak. The consequential effects are restricted movements on socio-economic activities. Thus, this paper provides theory development of a cross-disciplinary study drawing upon insights from literature on uncertainty and disaster risk management that is integrated with system theory, adaptive systems and practices as well as decision-making philosophy. That provides a basis for exploration of international perspectives on disaster risk reduction methods to combat the Covid-19 pandemic. Following, this paper explains the formulation of the South Africa’s Risk Adjusted Strategy. The collected scientific data and associated information enable risk analysis experts and key stakeholders to empower political decision-making in strategy execution. The anticipated strategic interventions are to alleviate a debilitating socio-economic situation by public policy and adaptation strategies towards a return to socio-economic normalcy. However, the potential paradoxical effects of COVID-19 are expected to create an ambivalent attitude to strategic interventions and decision-making by authorities. Thus, this paper seeks to explore the theoretical and practical ramifications of the systemic change and adaptable disaster risk strategy of South Africa within the context of disaster risk management and under extraordinary situations of uncertainty during the COVID-19 pandemic

Suggested Citation

  • Jeremiah Kau Makokoane, 2021. "The Paradoxical Effects of Uncertainty: A perspective of South Africa’s Risk Adjusted Strategy on COVID-19," International Journal of Innovation and Economic Development, Inovatus Services Ltd., vol. 7(2), pages 47-63, June.
    • Handle: RePEc:mgs:ijoied:v:7:y:2021:i:2:p:47-63
    DOI: 10.18775/ijied.1849-7551-7020.2015.72.2004
    as

    Download full text from publisher

    File URL: https://researchleap.com/wp-content/uploads/2021/06/04_The_Paradoxical_Effects_of_Uncertainty_Jeremiah_Kau_Makokoane.pdf
    Download Restriction: no
    File URL: https://researchleap.com/the-paradoxical-effects-of-uncertainty-a-perspective-of-south-africas-risk-adjusted-strategy-on-covid-19/
    Download Restriction: no
    File URL: https://libkey.io/10.18775/ijied.1849-7551-7020.2015.72.2004?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Gijs Kuilen & Peter Wakker, 2006. "Learning in the Allais paradox," Journal of Risk and Uncertainty, Springer, vol. 33(3), pages 155-164, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Steffen Huck & Wieland Müller, 2012. "Allais for all: Revisiting the paradox in a large representative sample," Journal of Risk and Uncertainty, Springer, vol. 44(3), pages 261-293, June.
    2. Shay Lavie & Tal Ganor & Yuval Feldman, 2020. "Adjusting legal standards," European Journal of Law and Economics, Springer, vol. 49(1), pages 33-53, February.
    3. Kim, Younjun, 2015. "Essays on firm location decisions, regional development and choices under risk," ISU General Staff Papers 201501010800005579, Iowa State University, Department of Economics.
    4. Mohammed Abdellaoui & Han Bleichrodt & Hilda Kammoun, 2013. "Do financial professionals behave according to prospect theory? An experimental study," Theory and Decision, Springer, vol. 74(3), pages 411-429, March.
    5. Jason Delaney & Sarah Jacobson & Thorsten Moenig, 2020. "Preference discovery," Experimental Economics, Springer;Economic Science Association, vol. 23(3), pages 694-715, September.
    6. Jacobs Martin, 2016. "Accounting for Changing Tastes: Approaches to Explaining Unstable Individual Preferences," Review of Economics, De Gruyter, vol. 67(2), pages 121-183, August.
    7. Aurélien Baillon & Han Bleichrodt & Umut Keskin & Olivier l’Haridon & Chen Li, 2018. "The Effect of Learning on Ambiguity Attitudes," Management Science, INFORMS, vol. 64(5), pages 2181-2198, May.
    8. Blavatskyy, Pavlo, 2018. "Fechner’s strong utility model for choice among n>2 alternatives: Risky lotteries, Savage acts, and intertemporal payoffs," Journal of Mathematical Economics, Elsevier, vol. 79(C), pages 75-82.
    9. Aurélien Baillon & Han Bleichrodt & Ning Liu & Peter P. Wakker, 2016. "Group decision rules and group rationality under risk," Journal of Risk and Uncertainty, Springer, vol. 52(2), pages 99-116, April.
    10. Daniel J. Benjamin & Mark Alan Fontana & Miles S. Kimball, 2020. "Reconsidering Risk Aversion," NBER Working Papers 28007, National Bureau of Economic Research, Inc.
    11. Mamoru Kaneko, 2019. "Expected Utility Theory with Probability Grids and Preference Formation," Working Papers 1902, Waseda University, Faculty of Political Science and Economics.
    12. Steven J. Humphrey & Nadia-Yasmine Kruse, 2024. "Who accepts Savage’s axiom now?," Theory and Decision, Springer, vol. 96(1), pages 1-17, February.
    13. Klaassen, Franc J.G.M. & Magnus, Jan R., 2009. "The efficiency of top agents: An analysis through service strategy in tennis," Journal of Econometrics, Elsevier, vol. 148(1), pages 72-85, January.
    14. Robin Cubitt, 2005. "Experiments and the domain of economic theory," Journal of Economic Methodology, Taylor & Francis Journals, vol. 12(2), pages 197-210.
    15. Kolnhofer-Derecskei Anita, 2017. "The Indifferent, the Good Samaritan, the Brave and the Agent in Allais Paradox situation – or How Endowment Effect Influences Our Decision in Case of Allais Paradox?," Organizacija, Sciendo, vol. 50(4), pages 299-313, December.
    16. Walter, Johannes & Biermann, Jan & Horton, John, 2024. "Advised by an Algorithm: Learning with Different Informational Resources," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302407, Verein für Socialpolitik / German Economic Association.
    17. Pavlo R. Blavatskyy, 2011. "A Model of Probabilistic Choice Satisfying First-Order Stochastic Dominance," Management Science, INFORMS, vol. 57(3), pages 542-548, March.
    18. Pavlo Blavatskyy & Valentyn Panchenko & Andreas Ortmann, 2023. "How common is the common-ratio effect?," Experimental Economics, Springer;Economic Science Association, vol. 26(2), pages 253-272, April.
    19. Sara Arts & Qiyan Ong & Jianying Qiu, 2024. "Measuring decision confidence," Experimental Economics, Springer;Economic Science Association, vol. 27(3), pages 582-603, July.
    20. Ilke Aydogan & Yu Gao, 2020. "Experience and rationality under risk: re-examining the impact of sampling experience," Experimental Economics, Springer;Economic Science Association, vol. 23(4), pages 1100-1128, December.

    More about this item

    Keywords

    Covid-19 effects of uncertainty; Disaster risk management; South Africa’s Risk Adjusted Strategy; Paradox of Covid-19;
    All these keywords.

    JEL classification:

    • M00 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mgs:ijoied:v:7:y:2021:i:2:p:47-63. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Bojan Obrenovic (email available below). General contact details of provider: https://researchleap.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.