Tackling Panic Buying During COVID-19: A Case Study of the Public Procurement Measures on Face Masks from South Korea
Year: 2024
Type: article
Abstract: Objectives: During the COVID-19 pandemic, the phenomenon of panic buying emerged as one of its defining characteristics. Therefore, it is urgent to examine consumers’ panic buying behavior and governmental responses to provide valuable insights for scholars and policymakers. This study investigates the countermeasures implemented by the South Korean government to address panic buying of face masks. Methods: We assessed public procurement schemes by analyzing data from the Inter-governmental Face Mask Task Force of South Korea. Results: Strong state intervention measures effectively addressed panic buying and disruptions in the supply chain of face masks and essential hygiene products during the pandemic. The study also emphasizes the need for active government intervention, including production expansion, public procurement, purchasing arrangements, and strict enforcement measures. Conclusions: This research provides important insights for both researchers and policymakers, showing that the state can effectively respond to panic buying through robust government intervention in the production and distribution of essential goods, supported by digital technology.
DOI: 10.5993/ajhb.48.6.10
Authors: Dae Joong Lee, Muhui Zhang
Institution: Pusan National University
Language: English
Topic: COVID-19 Pandemic Impacts
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4406569297