A discussion of irrational stockpiling behaviour during crisis

Chen, Yiqun; Rajabifard, Abbas; Sabri, Soheil; Potts, Katie Elisabeth; Laylavi, Farhad; Xie, Yuke; Zhang, Yibo

doi:10.1016/j.jnlssr.2020.06.003

Cited by 54 publications

(30 citation statements)

References 7 publications

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“…Perceived scarcity has been mentioned repeatedly by different groups of authors as an important responsible factor for PB (2,6,7). However, perception of threat and/or perception of risk have also been mentioned as a factor that has not been found in the current study (3,7).…”

Section: Discussioncontrasting

confidence: 48%

“…Panic buying (PB) is an erratic human behavior that has been reported irregularly and episodically; however, PB has been reported since long before and appeared especially during a major emergency event (1)(2)(3). It has been noticed and reported in online media during this COVID-19 pandemic in several countries in the world (1,4,5).…”

Section: Introductionmentioning

confidence: 99%

“…Singh and Rakshit mentioned PB as herd behavior (8) and Tsao et al mentioned supply chain disruption (9). Again, Chen et al (2) described that disturbed judgments resulting from improper information during a crisis are responsible for PB where authors tried to explain it with economics and psychology theories. The endowment effect and commodity and prospect theories have been proposed to explain PB based on economics (2).…”

Section: Introductionmentioning

confidence: 99%

“…Again, Chen et al (2) described that disturbed judgments resulting from improper information during a crisis are responsible for PB where authors tried to explain it with economics and psychology theories. The endowment effect and commodity and prospect theories have been proposed to explain PB based on economics (2). Additionally, the authors hypothesized three mental processes mentioning autonomy, relatedness, and competence as attributing factors for PB (2).…”

Section: Introductionmentioning

confidence: 99%

“…The endowment effect and commodity and prospect theories have been proposed to explain PB based on economics (2). Additionally, the authors hypothesized three mental processes mentioning autonomy, relatedness, and competence as attributing factors for PB (2).…”

Section: Introductionmentioning

confidence: 99%

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Responsible Factors of Panic Buying: An Observation From Online Media Reports

Arafat¹,

Kar

Menon

et al. 2020

Front. Public Health

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Background: Panic buying is an erratic human behavior that has been reported irregularly and episodically. There is a dearth of studies exploring the identifiable factors accounting for it. We aimed to identify the factors responsible for panic buying extracted from online media reports. Methods: We scrutinized the media reports published in English discussing the different aspects of panic buying. We collected data until May 30, 2020, and searched the possible mentioned reasons responsible for panic buying. Results: We analyzed a total of 784 media reports. The majority of the reports were found in Bing (18%), Ecosia (12.6%), Google (26.4%), and Yahoo (12.5%). Panic buying was reported in 93 countries. Among the 784 responses, a total of 171 reports did not explain the responsible factors of panic buying. Therefore, we analyzed the remaining 613 reports to identify the same. A sense of scarcity was reportedly found as the important factor in about 75% of the reports followed by increased demand (66.07%), the importance of the product (45.02%), anticipation of price hike (23.33%), and due to COVID-19 and its related factors (13.21%). Other reported factors were a rumor, psychological factors (safety-seeking behavior, uncertainty, anxiety reduction, and taking control), social learning, lack of trust, government action, and past experience. Conclusions: The study revealed the responsible factors of panic buying extracted from media reports. Further, studies involving the individuals indulging in panic buying behavior are warranted to replicate the findings.

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Section: Discussioncontrasting

confidence: 48%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

Responsible Factors of Panic Buying: An Observation From Online Media Reports

Arafat¹,

Kar

Menon

et al. 2020

Front. Public Health

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COVID‐19 and consumer behavior: Food stockpiling in the U.S. market

Baba

Fakih

2022

Agribusiness

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The emergence of the COVID‐19 pandemic has brought radical changes in consumer spending patterns. One aspect of this change is food stockpiling detected in several countries. Using a univariate probit model, this paper relies on the COVID‐19 Impact Survey (2020) for American households to assess the likelihood of consumers stockpiling food in response to the stringent lockdown measures imposed by the government's pandemic regulations. Our findings reveal a set of significant correlations between marital status, age, race, occupation, household structure, and the propensity of stockpiling food during the pandemic. Furthermore, the results show that residents in urban areas are more likely to engage in food stockpiling compared with residents in rural and suburban areas. The paper also examines the nexus between residence areas, lockdown measures, and the probability of stockpiling food. This research reveals a significant association between psychological factors and the likelihood of stockpiling food in response to the COVID‐19 pandemic [EconLit Citations: D12, H12, I18, P25].

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Behavioural Perspectives of Panic Buying

Shoib

Arafat²

2021

SpringerBriefs in Psychology

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A discussion of irrational stockpiling behaviour during crisis

Cited by 54 publications

References 7 publications

Responsible Factors of Panic Buying: An Observation From Online Media Reports

Responsible Factors of Panic Buying: An Observation From Online Media Reports

COVID‐19 and consumer behavior: Food stockpiling in the U.S. market

Behavioural Perspectives of Panic Buying

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