Deprecated: Hook jetpack_pre_connection_prompt_helpers is deprecated since version jetpack-13.2.0 with no alternative available. in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php on line 6078 Deprecated: Function jetpack_form_register_pattern is deprecated since version jetpack-13.4! Use Automattic\Jetpack\Forms\ContactForm\Util::register_pattern instead. in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php on line 6078 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 {"id":12441,"date":"2020-05-01T14:39:44","date_gmt":"2020-05-01T18:39:44","guid":{"rendered":"http:\/\/www.decisionfish.com\/?p=12441"},"modified":"2022-07-31T19:42:03","modified_gmt":"2022-07-31T23:42:03","slug":"where-did-all-the-toilet-paper-go-the-behavioral-economics-of-hoarding","status":"publish","type":"post","link":"https:\/\/www.decisionfish.com\/where-did-all-the-toilet-paper-go-the-behavioral-economics-of-hoarding\/","title":{"rendered":"Where Did All the TP Go? The Behavioral Economics Of Hoarding"},"content":{"rendered":"\n

No toilet paper\u2026anywhere? Really?<\/h2>\n\n\n\n

It\u2019s not unusual that people stock up in response to storms and political uncertainty. Indeed, some groups, \u201cpreppers\u201d, accumulate years of supplies, anticipating a large-scale breakdown in society. Hoarding is a well-known psychological disorder<\/a>, but that\u2019s about collecting and retaining huge amounts of worthless items. However, empty supermarket shelves don\u2019t necessarily mean we have all become irrational.<\/p>\n\n\n\n

Hoarding appears widespread<\/h2>\n\n\n\n

It\u2019s not just that toilet paper is missing from store shelves, it\u2019s also been the subject of shopper violence<\/a> and burglaries<\/a>. <\/p>\n\n\n\n

Many commodities have become scarce. Disinfectants, soap and long-life milk<\/a>, animal feed and pet food<\/a>, rice <\/a>and live chickens <\/a>(now invaluable for their eggs) are also hard to find. Even guns and ammunition<\/a> and Illegal drugs<\/a> are being stockpiled.<\/p>\n\n\n\n

Perhaps most tragically, individuals appear to be hoarding Personal Protective Equipment and certain drugs like Hydroxychloroquine<\/a> for resale, as well as by whole countries, allegedly.<\/a><\/p>\n\n\n\n

Businesses are hoarding cash <\/a>(for example, by not paying rent<\/a>). Banks are doing the same by reducing lending. Countries<\/a>, too.<\/p>\n\n\n\n

Privately Rational, Publicly Harmful<\/h2>\n\n\n\n

Yet, it\u2019s unclear whether hoarding toilet paper and other necessities is truly irrational. With huge uncertainties about how long shelter-at-home orders may last, it could be wise to accumulate more than two weeks\u2019 of provisions.<\/p>\n\n\n\n

While this impulse to stockpile may be privately rational, it\u2019s publicly harmful, even antisocial. <\/p>\n\n\n\n

The consequences include shortages and price hikes. This behavior can reduce social cohesion as we battle for the last roll of TP, and it can worsen class tensions. Even before the crisis, 40% of Americans<\/a> couldn\u2019t come up with $400 in an emergency. Couple that with unprecedented layoffs now occurring: Where are they going to find the money they need to stock-up?<\/p>\n\n\n\n

Pandemic Anxiety<\/h2>\n\n\n\n

Many of us are feeling pandemic anxiety due to the associated unpredictability and risk. Anxiety is a pain that we\u2019ll go to great lengths to quell and there are several factors that add to our pain:<\/p>\n\n\n\n

  1. The possibility of dying is very salient. The stories of under-provisioned and crowded hospital emergency departments are vivid and emotional<\/a>.
    <\/li>
  2. The science itself is evolving<\/a>. We lack good understanding of the virus\u2019s contagiousness and lethality<\/a>. Our aversion to risk and ambiguity makes this hard to tolerate.
    <\/li>
  3. Even if the science were well-developed (as it is, say, in climate change), we still have politicians impugning and ignoring science<\/a>, contributing to an \u201cinfodemic<\/a>\u201d of misinformation.
    <\/li>
  4. Authorities have failed to prepare<\/a> for the current crisis and appear to be doing a poor job of managing it. This makes trust scarce, too.<\/li><\/ol>\n\n\n\n

    When Anxious, We Take Short-Cuts<\/h2>\n\n\n\n

    Certainly, there is plenty of fear, uncertainty and doubt. These emotions can impair our executive functioning<\/a> (e.g., self-control) and our ability to think deliberately, strategically and empathetically. As a result, we may rely on certain heuristics (rules of thumb) to make shopping and other decisions.<\/p>\n\n\n\n