Risk Perceptions and Private Protective Behaviors: Evidence from COVID-19 Pandemic^*

Abstract

We analyze data from a survey we administered during the COVID-19 pandemic to investigate the relationship between people’s subjective beliefs about risks and their private protective behaviors. On average, people substantially overestimate the absolute level of risk associated with economic activity, but have correct signals about their relative risk. Subjective risk beliefs are predictive of changes in economic activities independently of government policies. Government mandates restricting economic behavior, in turn, attenuate the relationship between subjective risk beliefs and protective behaviors.

COVID-19 Risk Perceptions in Japan: A Cross Sectional Study

“…Third, our work is related to the literature analyzing the relationship between COVID-19 risk perceptions and the practice of prevention behaviors 3,4,16,21,22 . These previous studies emphasize that individuals are more likely to engage in social distancing and prevention behaviors-such as wearing masks, rubber gloves, and handwashing-when they perceive higher risks.…”