A Model of Panic Buying and Workforce under COVID-19

Allowing there to be an undersupply of medical resources and infection amid the social workforce, this paper proposes a theory to show how panic buying is induced and how bad the workforce status could be. By developing a novel general equilibrium model, we find that for any retail price that is hig...

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Detalles Bibliográficos
Autores principales: He, Guohua, Hu, Zirun
Formato: Online Artículo Texto
Lenguaje:English
Publicado: MDPI 2022
Materias:
Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9779136/
https://www.ncbi.nlm.nih.gov/pubmed/36554773
http://dx.doi.org/10.3390/ijerph192416891
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author He, Guohua
Hu, Zirun
author_facet He, Guohua
Hu, Zirun
author_sort He, Guohua
collection PubMed
description Allowing there to be an undersupply of medical resources and infection amid the social workforce, this paper proposes a theory to show how panic buying is induced and how bad the workforce status could be. By developing a novel general equilibrium model, we find that for any retail price that is higher than the buyer’s reserve value, the buying competition will be induced and the medical resources supply will further be tightened. Moreover, if the transmission rate of COVID-19 surpasses the theoretical threshold that is proposed by this paper, the whole workforce in our simulated economy will inevitably be infected.
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spelling pubmed-97791362022-12-23 A Model of Panic Buying and Workforce under COVID-19 He, Guohua Hu, Zirun Int J Environ Res Public Health Article Allowing there to be an undersupply of medical resources and infection amid the social workforce, this paper proposes a theory to show how panic buying is induced and how bad the workforce status could be. By developing a novel general equilibrium model, we find that for any retail price that is higher than the buyer’s reserve value, the buying competition will be induced and the medical resources supply will further be tightened. Moreover, if the transmission rate of COVID-19 surpasses the theoretical threshold that is proposed by this paper, the whole workforce in our simulated economy will inevitably be infected. MDPI 2022-12-15 /pmc/articles/PMC9779136/ /pubmed/36554773 http://dx.doi.org/10.3390/ijerph192416891 Text en © 2022 by the authors. https://creativecommons.org/licenses/by/4.0/Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).
spellingShingle Article
He, Guohua
Hu, Zirun
A Model of Panic Buying and Workforce under COVID-19
title A Model of Panic Buying and Workforce under COVID-19
title_full A Model of Panic Buying and Workforce under COVID-19
title_fullStr A Model of Panic Buying and Workforce under COVID-19
title_full_unstemmed A Model of Panic Buying and Workforce under COVID-19
title_short A Model of Panic Buying and Workforce under COVID-19
title_sort model of panic buying and workforce under covid-19
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9779136/
https://www.ncbi.nlm.nih.gov/pubmed/36554773
http://dx.doi.org/10.3390/ijerph192416891
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