Economic dynamics of epidemiological bifurcations

Author:

Aadland David1,Finnoff David1,Huang Kevin X.D.2

Affiliation:

1. Department of Economics , University of Wyoming , 1000 E. University Avenue , Laramie , WY , 82071 , USA

2. Department of Economics , Vanderbilt University , 2301 Vanderbilt Place , Nashville , TN , 37235 , USA

Abstract

Abstract In this paper, we investigate the nature of rational expectations equilibria for economic epidemiological models, with a particular focus on the behavioral origins and dynamics of epidemiological bifurcations. Unlike mathematical epidemiological models, economic epidemiological models can produce regions of indeterminacy or instability around the endemic steady states due to endogenous human responses to epidemiological circumstance variation, medical technology change, or health policy reform. We consider SI, SIS, SIR and SIRS versions of economic compartmental models and show how well-intentioned public policy may contribute to disease instability, uncertainty, and welfare losses.

Funder

National Institute of General Medical Sciences (NIGMS) at the National Institutes of Health

Publisher

Walter de Gruyter GmbH

Subject

Economics and Econometrics,Social Sciences (miscellaneous),Analysis,Economics and Econometrics,Social Sciences (miscellaneous),Analysis

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