Table 3.

The effect of policies and information on behavior (PI→B).

(a) Cases as Information
	Dependent variable:
	workplaces	retail	grocery	transit	workplaces	retail	grocery	transit
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
masks for employees	0.023${}^{\ast }$	0.033${}^{\ast }$	0.012	0.015	0.005	0.0005	0.003	$-$0.010
	(0.012)	(0.020)	(0.012)	(0.025)	(0.008)	(0.015)	(0.011)	(0.023)
closed K-12 schools	$-0.196^{\ast \ast \ast }$	$-0.253^{\ast \ast \ast }$	$-0.143^{\ast \ast \ast }$	$-0.243^{\ast \ast \ast }$	$-0.044^{\ast \ast \ast }$	$-$0.025	$-0.069^{\ast \ast }$	$-$0.047
	(0.030)	(0.048)	(0.027)	(0.050)	(0.013)	(0.018)	(0.027)	(0.041)
stay at home	$-0.028^{\ast \ast }$	$-$0.024	$-0.068^{\ast \ast \ast }$	$-0.062^{\ast \ast }$	$-0.034^{\ast \ast \ast }$	$-0.047^{\ast \ast \ast }$	$-0.071^{\ast \ast \ast }$	$-0.074^{\ast \ast \ast }$
	(0.013)	(0.017)	(0.015)	(0.028)	(0.011)	(0.013)	(0.015)	(0.028)
business closure policies	$-0.081^{\ast \ast \ast }$	$-0.136^{\ast \ast \ast }$	$-0.088^{\ast \ast \ast }$	$-0.080^{\ast \ast }$	$-0.049^{\ast \ast \ast }$	$-0.094^{\ast \ast \ast }$	$-0.073^{\ast \ast \ast }$	$-$0.042
	(0.017)	(0.028)	(0.017)	(0.038)	(0.012)	(0.020)	(0.018)	(0.036)
$\Delta log\Delta C_{it}$	0.015${}^{\ast \ast \ast }$	$-$0.002	0.016${}^{\ast \ast \ast }$	0.014${}^{\ast \ast \ast }$	0.017${}^{\ast \ast \ast }$	0.014${}^{\ast \ast \ast }$	0.018${}^{\ast \ast \ast }$	0.020${}^{\ast \ast \ast }$
	(0.003)	(0.005)	(0.004)	(0.005)	(0.002)	(0.004)	(0.004)	(0.005)
$log\Delta C_{it}$	$-0.024^{\ast \ast \ast }$	$-0.022^{\ast \ast \ast }$	$-$0.0002	$-0.018^{\ast }$	$-$0.005	$-$0.001	0.009	0.004
	(0.005)	(0.008)	(0.005)	(0.010)	(0.004)	(0.007)	(0.006)	(0.011)
$\Delta log\Delta C_{it}$.national					$-0.033^{\ast \ast \ast }$	$-0.086^{\ast \ast \ast }$	$-0.018^{\ast \ast }$	$-0.053^{\ast \ast \ast }$
					(0.005)	(0.008)	(0.008)	(0.012)
$log\Delta C_{it}$.national					$-0.072^{\ast \ast \ast }$	$-0.103^{\ast \ast \ast }$	$-0.035^{\ast \ast \ast }$	$-0.091^{\ast \ast \ast }$
					(0.004)	(0.008)	(0.008)	(0.012)
state variables	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Month ×state variables	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
${\sum }_j{\mathrm{Policy}}_j$	−0.282${}^{\ast \ast \ast }$	−0.380${}^{\ast \ast \ast }$	−0.287${}^{\ast \ast \ast }$	−0.371${}^{\ast \ast \ast }$	−0.122${}^{\ast \ast \ast }$	−0.166${}^{\ast \ast \ast }$	−0.211${}^{\ast \ast \ast }$	−0.172${}^{\ast \ast \ast }$
	(0.041)	(0.066)	(0.040)	(0.078)	(0.022)	(0.035)	(0.037)	(0.060)
Observations	3,825	3,825	3,825	3,825	3,825	3,825	3,825	3,825
R2	0.913	0.829	0.749	0.818	0.953	0.906	0.765	0.856
Adjusted R2	0.912	0.829	0.748	0.817	0.952	0.905	0.764	0.855
(b) Deaths as Information
	Dependent variable:
	workplaces	retail	grocery	transit	workplaces	retail	grocery	transit
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
masks for employees	0.018	0.027	0.006	0.006	0.007	0.012	0.002	$-$0.005
	(0.011)	(0.017)	(0.014)	(0.026)	(0.009)	(0.016)	(0.012)	(0.025)
closed K-12 schools	$-0.226^{\ast \ast \ast }$	$-0.261^{\ast \ast \ast }$	$-0.114^{\ast \ast \ast }$	$-0.240^{\ast \ast \ast }$	$-0.045^{\ast \ast \ast }$	$-0.033^{\ast }$	$-$0.024	$-$0.050
	(0.024)	(0.033)	(0.018)	(0.035)	(0.014)	(0.019)	(0.020)	(0.039)
stay at home	$-0.031^{\ast \ast }$	$-0.035^{\ast \ast }$	$-0.082^{\ast \ast \ast }$	$-0.072^{\ast \ast }$	$-0.024^{\ast }$	$-0.032^{\ast \ast }$	$-0.073^{\ast \ast \ast }$	$-0.066^{\ast \ast }$
	(0.012)	(0.017)	(0.016)	(0.031)	(0.012)	(0.015)	(0.017)	(0.032)
business closure policies	$-0.101^{\ast \ast \ast }$	$-0.156^{\ast \ast \ast }$	$-0.101^{\ast \ast \ast }$	$-0.111^{\ast \ast \ast }$	$-0.044^{\ast \ast \ast }$	$-0.091^{\ast \ast \ast }$	$-0.067^{\ast \ast \ast }$	$-$0.054
	(0.022)	(0.033)	(0.020)	(0.041)	(0.012)	(0.021)	(0.020)	(0.039)
$\Delta log\Delta D_{it}$	$-0.012^{\ast \ast \ast }$	$-0.031^{\ast \ast \ast }$	$-$0.001	$-0.021^{\ast \ast \ast }$	$-$0.003	$-0.012^{\ast \ast \ast }$	$-$0.002	$-0.009^{\ast }$
	(0.005)	(0.006)	(0.004)	(0.006)	(0.002)	(0.004)	(0.004)	(0.005)
$log\Delta D_{it}$	$-0.013^{\ast \ast \ast }$	$-$0.001	$-$0.005	$-$0.006	$-$0.007	0.003	0.002	$-$0.0003
	(0.004)	(0.006)	(0.005)	(0.009)	(0.004)	(0.007)	(0.005)	(0.010)
$\Delta log\Delta D_{it}$.national					$-0.058^{\ast \ast \ast }$	$-0.095^{\ast \ast \ast }$	$-$0.008	$-0.067^{\ast \ast \ast }$
					(0.005)	(0.008)	(0.006)	(0.010)
$log\Delta D_{it}$.national					$-0.056^{\ast \ast \ast }$	$-0.065^{\ast \ast \ast }$	$-0.033^{\ast \ast \ast }$	$-0.057^{\ast \ast \ast }$
					(0.004)	(0.007)	(0.006)	(0.010)
state variables	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Month ×state variables	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
${\sum }_j{\mathrm{Policy}}_j$	−0.340${}^{\ast \ast \ast }$	−0.425${}^{\ast \ast \ast }$	−0.292${}^{\ast \ast \ast }$	−0.417${}^{\ast \ast \ast }$	−0.105${}^{\ast \ast \ast }$	−0.144${}^{\ast \ast \ast }$	−0.162${}^{\ast \ast \ast }$	−0.176${}^{\ast \ast \ast }$
	(0.026)	(0.036)	(0.033)	(0.060)	(0.024)	(0.039)	(0.034)	(0.068)
Observations	3,468	3,468	3,468	3,468	3,468	3,468	3,468	3,468
R2	0.908	0.836	0.760	0.826	0.953	0.899	0.783	0.856
Adjusted R2	0.907	0.835	0.759	0.825	0.953	0.898	0.782	0.855

Note:${}^{\ast }$p$<$0.1; ${}^{\ast \ast }$p$<$0.05; ${}^{\ast \ast \ast }$p$<$0.01.

Dependent variables are “Transit Intensity,” “Workplace Intensity,” “Retail Intensity,” and “Grocery Intensity” defined as 7 days moving averages of corresponding daily measures obtained from Google Mobility Reports. All specifications include state-level characteristics (population, area, unemployment rate, poverty rate, a percentage of people subject to illness, and governor’s party) as well as their interactions with the log of days since Jan 15, 2020. The row “${\sum }_j{\text{Policy}}_j$” reports the sum of four policy coefficients. Standard errors are clustered at the state level.