{"title":"COVID-19 vaccine and risk-taking","authors":"Shanike J. Smart, Solomon W. Polachek","doi":"10.1007/s11166-023-09424-0","DOIUrl":null,"url":null,"abstract":"<p>We assess whether the COVID-19 vaccine induces COVID-19 risky behavior (e.g., going to bars and restaurants) and thus reduces vaccine efficacy. A key empirical challenge is the endogeneity bias when comparing risk-taking by vaccination status since people choose whether to get vaccinated. To address this bias, we exploit rich survey panel data on individuals followed before and after vaccine availability over fourteen months in an event study fixed effects model with individual, time, sector, and county-by-time fixed effects and inverse propensity weights. We find evidence that vaccinated persons, regardless of the timing of vaccination, increase their risk-taking activities. The evidence is consistent with the “lulling effect”. While vaccine availability may reduce the risk of contracting COVID-19, it also contributes to further spread of the virus by incentivizing risk-taking in the short term.</p>","PeriodicalId":48066,"journal":{"name":"Journal of Risk and Uncertainty","volume":null,"pages":null},"PeriodicalIF":1.3000,"publicationDate":"2024-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Risk and Uncertainty","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1007/s11166-023-09424-0","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
We assess whether the COVID-19 vaccine induces COVID-19 risky behavior (e.g., going to bars and restaurants) and thus reduces vaccine efficacy. A key empirical challenge is the endogeneity bias when comparing risk-taking by vaccination status since people choose whether to get vaccinated. To address this bias, we exploit rich survey panel data on individuals followed before and after vaccine availability over fourteen months in an event study fixed effects model with individual, time, sector, and county-by-time fixed effects and inverse propensity weights. We find evidence that vaccinated persons, regardless of the timing of vaccination, increase their risk-taking activities. The evidence is consistent with the “lulling effect”. While vaccine availability may reduce the risk of contracting COVID-19, it also contributes to further spread of the virus by incentivizing risk-taking in the short term.
期刊介绍：
The Journal of Risk and Uncertainty (JRU) welcomes original empirical, experimental, and theoretical manuscripts dealing with the analysis of risk-bearing behavior and decision making under uncertainty. The topics covered in the journal include, but are not limited to, decision theory and the economics of uncertainty, experimental investigations of behavior under uncertainty, empirical studies of real world risk-taking behavior, behavioral models of choice under uncertainty, and risk and public policy. Review papers are welcome.
The JRU does not publish finance or behavioral finance research, game theory, note length work, or papers that treat Likert-type scales as having cardinal significance.
An important aim of the JRU is to encourage interdisciplinary communication and interaction between researchers in the area of risk and uncertainty. Authors are expected to provide introductory discussions which set forth the nature of their research and the interpretation and implications of their findings in a manner accessible to knowledgeable researchers in other disciplines.
Officially cited as: J Risk Uncertain
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