The SAM Approach to Epidemic Models

Abstract

We discuss the connections between epidemiology models and the search and matching (SAM) approach and draw conclusions about modeling the trade-offs between lockdowns and disease spread. We review the pre-COVID epidemics literature, which was mainly by epidemiologists, and the post-COVID surge in economics papers that use meeting technologies to model the trade-offs. We argue that modeling the decentralized equilibrium with economic trade-offs gives rise to substantially different results from the earlier epidemics literature, but policy action is still welfare-improving because of several externalities.

Citation

Garibaldi, P., Moen, E.R. and Pissarides, C.A. (2023), "The SAM Approach to Epidemic Models", Polachek, S.W. and Tatsiramos, K. (Ed.) 50th Celebratory Volume (Research in Labor Economics, Vol. 50), Emerald Publishing Limited, Leeds, pp. 1-23. https://doi.org/10.1108/S0147-912120230000050001