Figure 10

Effects of a State of Emergency on the Purchase Amount, the Number of Buyers, and the Purchase Amount per Buyer by Product Category. This figure illustrates the results from the regressions of the purchase amount, the number of buyers, and the purchase amount per buyer in logs at the prefecture–product–date level by the product category. The dots and lines indicate the coefficients and 95% confidence intervals of the effect of the dummies for 1-4 weeks after a state of emergency (SoE) in different months on the purchase amount (blue), the number of buyers (red), and the purchase amount per buyer (green). In all the regressions, the other independent variables are the dummies for an SoE; the dummies for before an SoE; the number of COVID-19 cases per 1000 persons; the number of neighboring prefectures in an SoE; and the prefecture, product, date, and day-of-the-week fixed effects. The standard errors are clustered at the prefecture and date levels. N = 188,437