Russel Sage Foundation

How do panics affect who we are, how we make decisions, and how we plan our lives? How should politicians manage anxiety to accomplish socially desirable outcomes during crises? Panics are a fundamental part of living in a human society—but as they are unpredictable and rare, they are difficult to study empirically. Because panics can cause enormous societal changes, measuring individuals’ economic behavior and preferences during their onset is critical for academics and policymakers. In this project, the principal investigators will study how fear and anxiety affect economic preferences, behavioral biases, and political preferences using online surveys and experiments administered during the COVID-19 pandemic. The researchers aim to better understand how societies evolve with crises and to appropriately design mitigating responses.