COVID-19 and economic preferences: evidence from a panel of cab drivers

Fernando M. Aragon ()
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Fernando M. Aragon: Simon Fraser University, https://sites.google.com/view/fernandoaragon/

Discussion Papers from Department of Economics, Simon Fraser University

Abstract: This paper studies the impact of the COVID-19 pandemic on risk and time preferences. Using a longitudinal dataset from a survey of cab drivers in Lima (Peru), we document a significant increase in risk tolerance and patience. The changes are heterogeneous and monotonic by age: older cohorts become more risk-taking while younger ones become more patient. Our findings suggest that the pandemic could have affected individuals’ behavior and socioeconomic outcomes via another channel, namely, changes in economic preferences.

Date: 2023-09
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