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Covid-19 outbreak, ambiguity aversion, and macroeconomic expectations

التفاصيل البيبلوغرافية
العنوان: Covid-19 outbreak, ambiguity aversion, and macroeconomic expectations
المؤلفون: King King Li, Bo Huang
المصدر: China Economic Quarterly International, Vol 3, Iss 2, Pp 144-154 (2023)
بيانات النشر: KeAi Communications Co. Ltd., 2023.
سنة النشر: 2023
المجموعة: LCC:Economic theory. Demography
LCC:Economic growth, development, planning
مصطلحات موضوعية: C93, D84, E2, E3, E71, Economic theory. Demography, HB1-3840, Economic growth, development, planning, HD72-88
الوصف: How will the outbreak of Covid-19 affect people's expectations on the macroeconomy? We conduct an online experiment in China to investigate the relationship between ambiguity aversion, risk aversion, and expectations about the macroeconomy after the onset of Covid-19 which can be considered an uncertainty shock. Our study differs from previous studies as we elicit individuals' preferences in terms of ambiguity aversion and risk aversion, and test how these preferences drive macroeconomic expectations. We find that ambiguity averse subjects are more pessimistic about the effect of Covid-19 on the economic growth rate. Ambiguity averse subjects are more likely to reduce consumption and expect lower savings in response to the outbreak. More risk taking subjects have more optimistic expectations on the macroeconomy, and they are less likely to reduce consumption, investment, and savings.
نوع الوثيقة: article
وصف الملف: electronic resource
اللغة: English
تدمد: 2666-9331
العلاقة: http://www.sciencedirect.com/science/article/pii/S2666933123000175Test; https://doaj.org/toc/2666-9331Test
DOI: 10.1016/j.ceqi.2023.05.002
الوصول الحر: https://doaj.org/article/ce9566c9637a4c8dbf6d3555f5f87fc9Test
رقم الانضمام: edsdoj.9566c9637a4c8dbf6d3555f5f87fc9
قاعدة البيانات: Directory of Open Access Journals
الوصف
تدمد:26669331
DOI:10.1016/j.ceqi.2023.05.002