We study how people react to small probability events with large negative consequences using the outbreak of the COVID-19 epidemic as a natural experiment. Our analysis is based on a unique administrative data set with anonymized monthly expenditures at the individual level. We find that older...

We study how people react to small probability events with large negative consequences using the outbreak of the COVID-19 epidemic as a natural experiment. Our analysis is based on a unique administrative data set with anonymized monthly expenditures at the individual level. We find that older...

Physical retailers are increasingly trying to understand in-store shopping behavior in order to increase sales. However, measuring and analyzing shopper behavior at the point of purchase in physical retailing remains challenging. In this paper, we implement an in-vivo randomized field experiment...