This paper reexamines the design of the optimal lockdown strategy by paying attention to its robustness to the … postulated social welfare criterion. We first characterize optimal lockdown under utilitarianism, and we show that this social …-maximal lockdown saving lives at the cost of reducing average utility at a given period, there exists always a stricter lockdown, which …

planner cannot differentiate between agent types). We find that decentralized economy produces an endogenous lockdown in which … economic activity decreases. We find that the decentralized economy will begin its lockdown sooner than what the optimal policy …

pandemic's toll on the economy and mortality. A timely, limited lockdown solves the coordination failure allowing policymakers …