Shock determination in a two-stage decision-making model: The case of COVID-19 in Colombia.

The contributions of this paper are as follows: (a) proposing a two-stage model to study whether an event has temporary or permanent effects on the probability of choosing a good within a market basket that traditional decision theory cannot explain and (b) studying the effects of COVID-19 on consumers' decisions in Colombia. Findings suggest that the pandemic has transitory effects on preferences in the short run. If it lasts longer, it could induce to permanent changes.