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A discussion of irrational stockpiling behaviour during crisis

Author

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  • Chen, Yiqun
  • Rajabifard, Abbas
  • Sabri, Soheil
  • Xie, Yuke
  • Zhang, Yibo

Abstract

One of the ubiquitous human behaviours observed in natural disasters and humanitarian crisis is irrational stockpiling (also known as hoarding or panic buying). Limited, distorted and exaggerated information during crisis disturbs people’s judgement and results in aberrant actions which can be explained with economics and psychology theories. The objective of this paper is to examine the perplexing stockpiling phenomena during disasters like COVID-19 pandemic and discuss its immediate and long-term impact on economy, society and local communities.

Suggested Citation

  • Chen, Yiqun & Rajabifard, Abbas & Sabri, Soheil & Xie, Yuke & Zhang, Yibo, 2020. "A discussion of irrational stockpiling behaviour during crisis," SocArXiv udzah, Center for Open Science.
    • Handle: RePEc:osf:socarx:udzah
    DOI: 10.31219/osf.io/udzah
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    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Economic consequences > Consumption > Hoarding

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    Cited by:

    1. Billore, Soniya & Anisimova, Tatiana, 2021. "Panic buying research: A systematic literature review and future research agenda," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue Early Vie.
    2. Sit, Kokho Jason & Ballantyne, Erica E.F. & Gorst, Jonathan, 2022. "Profiling shoppers’ coping behaviours during a pandemic crisis: A regulatory focus perspective," Journal of Retailing and Consumer Services, Elsevier, vol. 64(C).
    3. Lin, Yuanfang & Pazgal, Amit, 2024. "Effects of information quantity and diversity on consumers under complex uncertainty," Journal of Retailing and Consumer Services, Elsevier, vol. 77(C).
    4. SM Yasir Arafat & Sujita Kumar Kar & Sheikh Shoib, 2021. "Panic buying: Is it really a problem?," International Journal of Social Psychiatry, , vol. 67(5), pages 520-521, August.
    5. Wafaa El Baba & Ali Fakih, 2023. "COVID‐19 and consumer behavior: Food stockpiling in the U.S. market," Agribusiness, John Wiley & Sons, Ltd., vol. 39(2), pages 515-534, March.
    6. Eda Helin Gündeş & Füsun Ülengin & Burç Ülengin & Ömer Zeybek, 2023. "Changes in shopping habits during COVID-19," SN Business & Economics, Springer, vol. 3(3), pages 1-24, March.
    7. Soltanzadeh, Shima & Rafiee, Majid & Weber, Gerhard-Wilhelm, 2024. "Disruption, panic buying, and pricing: A comprehensive game-theoretic exploration," Journal of Retailing and Consumer Services, Elsevier, vol. 78(C).
    8. Coleman, Paul & Dhaif, Fatema & Oyebode, Oyinlola, 2020. "Food shortages, stockpiling and panic buying ahead of Brexit as reported by the British media: a mixed methods content analysis," SocArXiv vfqhn, Center for Open Science.

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