The response to the covid pandemic has varied widely across countries and over time. In this paper, we analyze the determinants of covid restrictions both theoretically and empirically. Consistent with our model’s predictions, we find that the covid protocol is particularly sensitive to the...

This paper studies the link between group-specific consumption growth and volatility within a framework of heterogeneous agents, under the assumption of a consumption externality. Household preferences are related to the volatility through asset holding decisions: volatility decreases with...

Although evidence accrues in biology, anthropology and experimental economics that homo sapiens is a cooperative species, the reigning assumption in economic theory is that individuals optimize in an autarkic manner (as in Nash and Walrasian equilibrium). I here postulate a cooperative kind of...