Wellbeing: Decision making and behavior during COVID-19

Doron Kliger, Meira Levy and Israel Rachevski

Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), 2024, vol. 109, issue C

Abstract: We explored the wellbeing (WB) of individuals and the way in which it interacted with their decision making during the COVID-19 pandemic. We used a questionnaire that includes open- and closed-ended questions to assess individuals’ WB and their views and intentions regarding development and rerouting their life. For the estimation, we devised a structural equation model in which covariates of feature variables – WB-trait (rather stable and personality-oriented) and WB-state (fluctuates over time and situation-oriented) – are interacted with measures of the individuals’ decision making and behavior, while controlling for their demographics. Results show correlations between personal characteristics, and in particular WB, both as a trait and a state, and fresh start decisions during landmark periods. Furthermore, the results reveal that people's WB-trait is much more important than WB-state. People with strong WB-trait are capable of overcoming landmark adverse periods and advancing their capabilities. In addition, personal characteristics, such as education and age, are also positively correlated with WB-trait, while being a parent and being a woman are both associated with lower WB-trait scores. The study demonstrates the importance of WB in times of crisis and calls for decision makers to take action to improve peoples' WB.

Keywords: Wellbeing; Decision making; Fresh start; COVID-19 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:soceco:v:109:y:2024:i:c:s221480432400020x

DOI: 10.1016/j.socec.2024.102180

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