The Effect of Individual Preferences on Precautionary Behaviors in Vaccine Taking, Saving, and Physical Activity

Abstract

The COVID-19 pandemic has underscored the importance of how people react behaviorally to external threats. Precautionary behavioral responses to COVID-19 become apparent. In addition, individual risk and time preferences are related to economic behaviors under uncertainty and health-related behaviors. This study aims to determine whether and how time and risk choices influence precautionary behaviors in vaccine-taking, saving, and physical activity during the coronavirus lockdown. We conducted a cross-sectional study utilizing an online survey, which included a sample of 1016 individuals aged 18 to 60 residing and working in Shanghai. We use logistic regressions to estimate. We have three findings. First, risk-taking and future-oriented individuals are more likely to get vaccinated. Second, future-oriented ones are more inclined to exercise at home via digital media during the lockdown. Third, neither risk preference nor time preference is predictive of precautionary saving. This work aids the literature by documenting time and risk preferences influencing health-related behaviors and life well-being during the lockdown. The conclusions have practical implications from a policy perspective.