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Fear of COVID-19 changes economic preferences: evidence from a repeated cross-sectional MTurk survey

Author

Listed:
  • Abdelaziz Alsharawy

    (Princeton University)

  • Sheryl Ball

    (Virginia Tech)

  • Alec Smith

    (Virginia Tech)

  • Ross Spoon

    (Virginia Tech)

Abstract

The personal experience of events such as financial crises and natural disasters can alter economic preferences. We administered a repeated cross-sectional preference survey during the early stages of the COVID-19 outbreak, collecting three bi-weekly samples from participants recruited through Amazon Mechanical Turk. The survey elicits economic preferences, self-reported fear of the pandemic, and beliefs about economic and health consequences. Preferences varied over time and across regions, and self-reported fear of the pandemic explains this variation. These findings suggest caution about the generalizability of some types of experimental work during times of heightened fear.

Suggested Citation

  • Abdelaziz Alsharawy & Sheryl Ball & Alec Smith & Ross Spoon, 2021. "Fear of COVID-19 changes economic preferences: evidence from a repeated cross-sectional MTurk survey," Journal of the Economic Science Association, Springer;Economic Science Association, vol. 7(2), pages 103-119, December.
    • Handle: RePEc:spr:jesaex:v:7:y:2021:i:2:d:10.1007_s40881-021-00111-x
    DOI: 10.1007/s40881-021-00111-x
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    Cited by:

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    2. Hamza Umer, 2024. "Covid-19 and altruism: a meta-analysis of dictator games," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 51(1), pages 35-60, February.
    3. Jun Yeong Lee & Elizabeth Hoffman, 2023. "The effect of COVID-19 on Amazon MTurk," Economics Bulletin, AccessEcon, vol. 43(1), pages 583-588.
    4. Brun, Martín & D'Ambrosio, Conchita & Ferrer-i-Carbonell, Ada & Ramos, Xavier, 2023. "After You. Cognition and Health-Distribution Preferences," IZA Discussion Papers 16126, Institute of Labor Economics (IZA).
    5. Hamza Umer, 2023. "A selected literature review of the effect of Covid-19 on preferences," Journal of the Economic Science Association, Springer;Economic Science Association, vol. 9(1), pages 147-156, June.
    6. Fortuna Casoria & Fabio Galeotti & Marie Claire Villeval, 2023. "Trust and social preferences in times of acute health crisis ," Post-Print hal-03974756, HAL.
    7. Lohmann, Paul M. & Gsottbauer, Elisabeth & You, Jing & Kontoleon, Andreas, 2023. "Anti-social behaviour and economic decision-making: Panel experimental evidence in the wake of COVID-19," Journal of Economic Behavior & Organization, Elsevier, vol. 206(C), pages 136-171.
    8. Hiromi Hara & Daiji Kawaguchi, "undated". "A Positive Outcome of COVID-19? The Effects of Work from Home on Gender Attitudes and Household Production," Bank of Japan Working Paper Series 22-E-2, Bank of Japan.

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    More about this item

    Keywords

    COVID-19; Economic preferences; Risk; Time preferences; Fear;
    All these keywords.

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • H59 - Public Economics - - National Government Expenditures and Related Policies - - - Other
    • I19 - Health, Education, and Welfare - - Health - - - Other

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