Colloquium on Computational Social Science/Computational Data Sciences
Mar 5, 2021, 3:00 - 4:30 PM
Benefit-Cost Analysis of COVID Policy Intervention at the State and National Level: Dr. James L. Doti is President Emeritus and Professor of Economics at Chapman University
This study analyzes the benefits of statewide policy intervention in reducing COVID-19 deaths and the costs of that intervention in lost jobs and lower real gross state product (RGSP). Policy interventions are measured by the Oxford stringency index, which places a daily numerical value on the level of a state’s policy intervention.
Empirical evidence is provided that shows policy interventions have reduced COVID-19 deaths in the U.S. by 358,000 lives in 2020. On the cost side, it was found that policy intervention resulted in a loss of 7.3 million jobs and a decline of $410 billion in RGSP.
The study concludes by integrating the findings related to the benefits and costs of policy interventions to the economic cost per life saved for every state, as well as an estimate of the national average cost per life of $1.1 million. That figure is compared to an age-adjusted value of statistical life (VSL) calculated in the study of $4.2 million for COVID-19 fatalities.
Dr. James L. Doti is President Emeritus and Professor of Economics at Chapman University. He earned his M.A. and Ph.D. degrees from the University of Chicago, where he was an Edward Hilman and National Science Foundation Fellow. He joined Chapman University in 1974 and in 1978 founded the University’s A. Gary Anderson Center for Economic Research, which, under his leadership, has become nationally recognized for its scholarly research and economic forecasts.
Between 1991-2016, Dr. Doti served as President of Chapman University. During this 25-year period, Chapman experienced a sharp increase in student selectivity and academic stature.
In addition to writing many peer-reviewed articles in academic journals, he has co-authored two textbooks entitled Econometric Analysis with EViews, Fourth Edition, and Statistical Analysis with Excel, Third Edition. Dr. Doti has also co-authored The Market Economy - A Reader, which received the Templeton Honor Award for Scholarly Excellence.
Dr. Doti is a leading figure in the Orange County business and academic communities. He also serves on the boards of First American Financial Corporation and Whittier Trust.
As a long-distance runner, Dr. Doti has completed 60 full marathons, including ten runnings of the famed Boston Marathon.
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