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When to release the lockdown: a wellbeing framework for analysing costs and benefits

Layard, Richard, Clark, Andrew E., De Neve, Jan-Emmanuel, Krekel, Christian, Fancourt, Daisy, Hey, Nancy and O'Donnell, Gus (2020) When to release the lockdown: a wellbeing framework for analysing costs and benefits. CEP Occasional Papers (49). London School of Economics and Political Science, London, UK.

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Abstract

In choosing when to end the lockdown, policy-makers have to balance the impact of the decision upon incomes, unemployment, mental health, public confidence and many other factors, as well as (of course) upon the number of deaths from COVID-19. To facilitate the decision it is helpful to forecast each factor using a single metric. We use as our metric the number of Wellbeing-Years resulting from each date of ending the lockdown. This new metric makes it possible to compare the impact of each factor in a way that is relevant to all public policy decisions.

Item Type: Monograph (Working Paper)
Official URL: http://cep.lse.ac.uk/_new/publications/series.asp?...
Additional Information: © 2020 The Authors
Divisions: Centre for Economic Performance
Psychological and Behavioural Science
Subjects: R Medicine > RA Public aspects of medicine > RA0421 Public health. Hygiene. Preventive Medicine
H Social Sciences > HV Social pathology. Social and public welfare. Criminology
H Social Sciences > HC Economic History and Conditions
H Social Sciences > HB Economic Theory
JEL classification: D - Microeconomics > D6 - Welfare Economics > D60 - General
D - Microeconomics > D6 - Welfare Economics > D61 - Allocative Efficiency; Cost-Benefit Analysis
I - Health, Education, and Welfare > I3 - Welfare and Poverty > I31 - General Welfare; Basic Needs; Living Standards; Quality of Life; Happiness
Date Deposited: 06 May 2020 15:03
Last Modified: 29 Jun 2020 23:20
URI: http://eprints.lse.ac.uk/id/eprint/104276

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