Figure 8

Effects of the Declaration of a State of Emergency in Neighboring Prefectures on the Purchase Amount, the Number of Buyers, and the Purchase Amount per Buyer. This figure illustrates the point estimates and 95% confidence intervals of the effect of the number of prefectures that were in a state of emergency (SoE) and shared any border with the focal prefecture in different months on the purchase amount (blue), the number of unique buyers (red), and the purchase amount per unique buyer (green) in logs. 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 city level. N = 1,091,171