Perception Versus Preference: The Role of Self-assessed Risk Measures on Individual Mitigation Behaviors During the COVID-19 Pandemic

In the midst of a global pandemic, prevention methods stand as a crucial first step toward addressing the public health crisis and controlling the spread of the virus. However, slowing the spread of the virus hinges on the public's willingness to follow a combination of mitigation practices to avoid contracting and transmitting the disease. In this study, we investigate the factors related to individuals' risk perceptions associated with COVID-19 as well as their general self-assessed risk preferences. We also provide insights regarding the role of risk perceptions and preferences on mitigation behavior by examining the correlation between these risk measures and both the likelihood of following various mitigation practices and total number of practices followed. Although we find both risk perceptions and preferences to be significantly correlated with mitigation behaviors, risk perceptions are correlated with a larger number of practices. Additionally, we find significant heterogeneity in mitigation behaviors across numerous individual and household characteristics. These results can serve as a benchmark for the design and development of interventions to increase awareness and promote higher adoption of mitigation practices.