A Model of Sequential Crisis Managements

• 成果类型: Article
• 署名作者: Li, Fei; Zhou, Jidong
• 署名单位: University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Yale University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MICROECONOMICS
• ISSN/ISSBN: 1945-7669
• DOI: 10.1257/mic.20220107
• 发表日期: 2023
• 页码: 319-349
• 关键词: policy; KNOWLEDGE; BEHAVIOR

摘要

We propose a model of how multiple societies respond to a common crisis. A government faces a damned-either-way policymaking dilemma: aggressive intervention contains the crisis, but the resulting good outcome makes people skeptical about the costly response; light intervention worsens the crisis and causes the government to be faulted for not doing enough. When multiple societies encounter the crisis sequentially, due to this policymaking dilemma, late societies may underperform despite having more information, while early societies can benefit from a dynamic counterfactual effect.