Journal of Economic Literature
ISSN 0022-0515 (Print) | ISSN 2328-8175 (Online)
The Economics of Infectious Diseases
Journal of Economic Literature
(pp. 1281–1330)
Abstract
We synthesize the literature on economic epidemiology, the interdisciplinary field that draws on the ideas and methods of economics to analyze individual behavior, aggregate disease dynamics, and public policy during infectious disease epidemics. We cover the main models of individual behavior during epidemics, related econometric evidence, and models of disease dynamics appropriate for the analysis of a range of infectious diseases. We outline modeling approaches to a range of control measures including non-pharmaceutical interventions such as stay-at-home mandates, quarantines, and sheltering, and pharmaceutical interventions such as vaccines and treatment. Last, we characterize different types of externalities and heterogeneities and discuss the targeting and implementation of policies through restrictions and incentives.Citation
Auld, M. Christopher, Eli P. Fenichel, and Flavio Toxvaerd. 2025. "The Economics of Infectious Diseases." Journal of Economic Literature 63 (4): 1281–1330. DOI: 10.1257/jel.20241649Additional Materials
JEL Classification
- D62 Externalities
- D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
- H51 National Government Expenditures and Health
- I12 Health Behavior
- I18 Health: Government Policy; Regulation; Public Health