Economic Agents’ Behaviors During the Coronavirus Pandemic: Theoretical Overview and Prospective Approach

Abstract

In economics, several theories have focused on the study of decisions made by economic agents. Recent branches in economics have even revealed some controversies with the theoretical findings of the basic neoclassical model. Indeed, the growing uncertainty characterizing certain contemporary risks leads to various biases in the economic agents’ behaviors. The relevance of decisions under uncertainty calls into question the assumption of absolute rationality of the neoclassical economics. In this context, the COVID-19 pandemic is causing an unprecedented human crisis. This paper aims to provide a theoretical examination of the behaviors of economic agents faced with uncertainty and catastrophic situations. In its first contribution, this study provides a theoretical overview of behaviors under uncertainty. In its second contribution, the paper highlights the need for a prospective approach in the face of the coronavirus pandemic. Hence, we delve into the theoretical foundations of a prospective approach to health. All around the world, the COVID-19 pandemic approved the need for rethinking the preparation of “public health” systems to deal with pandemics. A good response to the present and a better preparation for the future require a revision of behaviors in terms of international cooperation and monitoring of Sustainable Development Goals.