Covid-19 Pandemic and the role of behavioral economics

Pradeep Kumar B

MPRA Paper from University Library of Munich, Germany

Abstract: The New Normal has become a buzzword thank to the Covid-19 pandemic. The realization that the pandemic is to persist has tended people to redesign their livelihood opportunities to realize not only a New Normal but a Better or Different Normal. Behavioral Economics, a new branch in economics that mixes economics with other disciplines in an attempt to present real economic behavior of man, has been found to be relevant in explaining the behavior of economic agents in times of Covid. This paper intends to focus on the certain aspects in behavioral economics which the policy makers find useful to design their strategies in dealing with the spreading of the Covid-19 pandemic.

Keywords: New Normal; Better Normal; Different Normal; Rationality; Present Bias; Status Quo Bias; Optimum Bias; Framing effect; Affect heuristic; Herding Behavior; Infodemic (search for similar items in EconPapers)
JEL-codes: I00 (search for similar items in EconPapers)
Date: 2020-08-06
New Economics Papers: this item is included in nep-cbe, nep-pke and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:107502

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