Relationship between health behavior compliance and prospect theory-based risk preferences during a pandemic of COVID-19

Abstract

The outbreak of novel coronavirus pneumonia forced people to change their lifestyles. In this study, a questionnaire was administered to 1000 Chinese residents to investigate the effects of risk preferences based on behavioral economics prospect theory, trust and other people's expectations in a trust game, and personal attributes on the implementation of quarantine measures during an pandemic.Factor analysis divided the preventive behaviors into (1) compliance for self-health care, (2) compliance for going outside, and (3) compliance for staying home alone. In Category 1, those who were more sensitive to gains than losses were more likely to have a health code, wash their hands longer, report coronas, and disinfect often. In Category 2, they avoided volunteering at large hospitals, avoided trips to see acquaintances, avoided public walks, avoided meeting strangers, avoided going to garden centers, and wore masks when out and about. On the other hand, those more sensitive to loss than gain were found to work from home and socialize with non-family members in Category 3.Based on prospect theory, it was found that whether one values gains or losses has a strong influence on preventive behavior. In particular, the fact that those who value gains more than losses are more active in preventive behavior is expected to shed new light on future government guidance of citizens and nudges using nudges.