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THE INDIVIDUAL WELFARE COSTS OF STAY-AT-HOME POLICIES

Working paper
Authors Ola Andersson
Pol Campos-Mercade
Fredrik Carlsson
Florian Schneider
Erik Wengström
Publisher University of Gothenburg
Place of publication Gothenburg
Publication year 2020
Published at Department of Economics
Language en
Keywords Stay-at-home orders, welfare effects, choice experiment
Subject categories Economics and Business

Abstract

This paper reports the results of a choice experiment designed to estimate the private welfare costs of stay-at-home policies during the COVID-19 pandemic. The study is conducted on a large and representative sample of the Swedish population. The results suggest that the welfare cost of a one-month stay-at-home policy, restricting non-working hours away from home, amounts to 9.1 percent of qSweden's monthly GDP. The cost can be interpreted as 29,600 quality-adjusted life years (QALYs), which roughly corresponds to between 3,700 and 8,000 COVID-19 fatalities. Moreover, we find that stricter and longer lockdowns are disproportionately more costly than more lenient ones. This result indicates that strict stay-at-home policies are likely to be cost-effective only if they slow the spread of the disease much more than more lenient ones.

Page Manager: Webmaster|Last update: 9/11/2012
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