Optimal Trade-Off Between Economic Activity and Health During an Epidemic
Thispaperconsidersasimplemodelwhereasocialplannercaninfluencethespread-intensity of an infection wave, and, consequently, also the economic activity and population health, throughasingleparameter. Populationhealthisassumedtoonlybenegativelyaffectedwhen thenumberofsimultaneouslyinfectedexceedshealthcarecapacity. Themainfindingisthat if (i) the planner attaches a positive weight on economic activity a