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How does risk preference change under the stress of COVID-19? Evidence from Japan.

ABSTRACT: In this study, we investigated whether the risk preference systematically changed during the spread of COVID-19 in Japan. Traditionally, risk preference is assumed to be stable over one's life, though it differs among individuals. While recent studies have reported that it changes with a large event like natural disasters and financial crisis, they have not reached a consensus on its direction, risk aversion, or tolerance. We collected panel data of Japanese individuals in five waves from March to June 2020, which covered the period of the first cycle when COVID-19 spread rapidly and then dwindled. We measured risk preference through questions on the willingness to pay for insurance. The main results are as follows: First, people became more risk tolerant throughout the period; and second, people were more averse to mega risk than moderate risk, with the former correlating more strongly with the individual's perception of COVID-19. The first result may be interpreted as "habituation" to repeated stress, as is understood in neuroscience.

Supplementary information

The online version contains supplementary material available at 10.1007/s11166-022-09374-z.

SUBMITTER: Tsutsui Y

PROVIDER: S-EPMC8938640 | biostudies-literature | 2022

REPOSITORIES: biostudies-literature

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How does risk preference change under the stress of COVID-19? Evidence from Japan.

Tsutsui Yoshiro Y Tsutsui-Kimura Iku I

Journal of risk and uncertainty 20220322 2

In this study, we investigated whether the risk preference systematically changed during the spread of COVID-19 in Japan. Traditionally, risk preference is assumed to be stable over one's life, though it differs among individuals. While recent studies have reported that it changes with a large event like natural disasters and financial crisis, they have not reached a consensus on its direction, risk aversion, or tolerance. We collected panel data of Japanese individuals in five waves from March ...[more]

PMID: 35342225

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Project description:BackgroundThis study provides objective evidence on the impact of COVID-19 based on employee occupational stress reported from 13 different industries, and examines the determinants of employee psychological well-being. As the economic and social impacts of the COVID-19 pandemic continue, governments should consider industry-level differences when making support decisions concerning public resource allocation to corporations. However, little evidence exists regarding the differences in occupational stress across industries.MethodsEmployee occupational stress data (N = 673,071) was derived from workers in Japan from 2018 to 2020. The sample comprises workers from 13 industries, including civil services, service industry (other), real estate, medical/welfare, wholesale/retail, academic research, and accommodation/restaurant business. A logit model is employed to investigate the differences in employees' psychological well-being before and during the pandemic.ResultsIn 2020, 11 out of 12 industries had significantly worse occupational stress compared to employees engaged in civil services. Over 23% of employees from the wholesale/retail and accommodation/restaurant industries were observed as high-stress employees. Improved compensation policies supporting these industries are suggested. In contrast, reduced occupational stress was found among employees in the transportation/postal and information/communication industries. Among the 13 industries, aside from high job demands, tough inter-person relationships in the workplace became the most significant stressors during the pandemic.ConclusionsThe results confirm that the pandemic has had a heterogeneous effect on employee occupational stress across industries, thus suggesting that the level of compensation given to different industries during the COVID-19 pandemic should be discussed and approved by the Japanese government. Additionally, support for the wholesale/retail and accommodation/restaurant industries during the pandemic should be improved.

Project description:BackgroundThe COVID-19 pandemic has affected the clinical practice of lung cancer surgery in Japan, but few studies have revealed the real situation of surgical practice for lung cancer in this country. This latest information will help us to decide the future direction of lung cancer surgery under pandemic circumstances.MethodsWe collected data from patients with primary lung cancer who underwent thoracic surgery between 2018 and 2021. To investigate the impact of the COVID-19 pandemic on lung cancer surgery, we compared between 2018-2019 (prepandemic group) and 2020-2021 (pandemic group) in the respect of patient characteristics, pathological findings, and short-term outcome after lung cancer resection by Mann-Whitney and Fisher's exact tests. Moreover, the monthly number of surgeries for lung cancer in our institution during 2020-2021 was compared with the number of newly diagnosed COVID-19 patients in Japan by Spearman correlation analysis.ResultsFrom 2018 through 2021, 936 patients with primary lung cancer underwent surgical intervention in our institute and were included in this study. The number of surgeries did not decrease in the pandemic group (n=443) compared with that in the prepandemic group (n=493). Tumor and invasive size in stage I which was measured by pathologist were significantly larger in the pandemic group than in the prepandemic group (tumor size: P=0.031, invasive size: P<0.001). In terms of postoperative short-term outcome, the median hospital stay was 6 days, 30-day mortality was 2, and morbidity was around 20% in both groups. Only one patient suffered from COVID-19 infection 5 months after right upper lobectomy. An increased ratio of newly diagnosed COVID-19 cases in Japan was negatively correlated with the number of surgeries for lung cancer in our institution in the next month (r=-0.393, P=0.007), although there was no correlation in the present or the month after next.ConclusionsEven during the COVID-19 pandemic period, lung cancer surgery could be performed safely and in a sustainable manner. However, pathological findings of lung cancer tended to be progressive in early-stage lung cancer.

Dataset Information

How does risk preference change under the stress of COVID-19? Evidence from Japan.

Supplementary information

Publications

How does risk preference change under the stress of COVID-19? Evidence from Japan.

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