Fear of COVID-19 Changes Economic Preferences: Evidence from a Repeated Cross-Sectional Mturk Survey
31 Pages Posted: 19 Dec 2020 Last revised: 3 Feb 2021
Date Written: February 2, 2021
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 with regard to the generalizability of some types of experimental work during times of heightened fear.
Keywords: COVID-19, Economic Preferences, Risk, Time Preferences, Fear
JEL Classification: D91, H59, I19
Suggested Citation: Suggested Citation