Game Theory Explained Behind Coronavirus Panic Buying
Whatever that is happening currently has happened in the past pandemics, for example, in 1918, when Spanish flu broke out. Around the world today lies a scene of empty rows in supermarket shelves where toilet papers were in plenty because of the coronavirus-induced panic buying. Someone is left to wonder what has changed all over a sudden. The experts got the answer to this, though. It lies in game theory. If every person was to purchase just what is needed, then there would be no shortages at all. However, when someone panics to buy stuff, then everyone is likely to follow suit.
The wonder remains, buying a lot of toilet paper has never saved anyone from infection. People have also gone a mile ahead to hoard necessary items such as canned foods. According to the psychology of pandemics, people tend to do this as a symbol of safety. People need to do things that will keep them and their families safe because that is all they can apart from self-quarantine and washing of hands. Another theory brings it to close that people get rooted in evolutionary aversions to stuff that disgust and so it is seen clearly when they feel threatened with an infection. This explains why toilet paper just to avoid disgust.
These and many more behaviors seen during this period are a repetition of what happened in previous pandemics, which sent many panicked and others losing lives. When people are affected in such a manner, the best thing is to come together and offer each other a proper support system until the epidemic is gone for good.
Reference:
seangametheory 