Cross-regional heterogeneity in health and economic outcomes during the COVID-19 pandemic: An analysis of Japan

Health and macroeconomic outcomes varied substantially across prefectures in Japan during the COVID-19 crisis. Using an estimated macro-epidemiological model as well as the idea of revealed preference, we compute the marginal rate of substitution (MRS) and the conditional trade-off curve between hea...

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Bibliographic Details
Published in:Journal of the Japanese and international economies 2023-12, Vol.70, p.101275, Article 101275
Main Authors: Beppu, Shotaro, Fujii, Daisuke, Kubota, Hiroyuki, Machi, Kohei, Maeda, Yuta, Nakata, Taisuke, Shibuya, Haruki
Format: Article
Language:English
Subjects:
COVID-19
Epidemiology
SIR model
Value of a statistical life
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Summary:Health and macroeconomic outcomes varied substantially across prefectures in Japan during the COVID-19 crisis. Using an estimated macro-epidemiological model as well as the idea of revealed preference, we compute the marginal rate of substitution (MRS) and the conditional trade-off curve between health and economic outcomes in each prefecture. We find that there is a large heterogeneity in the MRS as well as the location and shape of the conditional trade-off curve. •Using an estimated macro-epidemiological model as well as the idea of revealed preference, we compute the marginal rate of substitution (MRS) and the conditional trade-off curve between health and economic outcomes.•There is a large heterogeneity in the MRS as well as the location and shape of the conditional trade-off curve across prefectures in Japan.•In general, rural areas with a higher aging rate and lower population density exhibit a larger value of MRS.
ISSN:0889-1583
1095-8681
DOI:10.1016/j.jjie.2023.101275