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We develop a dynamic model where individuals without symptoms face daily choices of either taking the risk of going out (to work and socialize), staying at home in self\u2010isolation, or using a test to verify whether they are infected before going out. Our central insight is that the equilibrium public infection risk falls when home\u2010based testing becomes cheaper and easier to use, even if they generate both false\u2010positive (type I error) and false\u2010negative (type II error) test outcomes. We also show that the presence of na\u00efve individuals actually reduces the equilibrium infection risk in the economy. Overall our model shows that, even if inaccurate, home\u2010based tests are vital for an economy facing an ongoing pandemic.<\/jats:p>","DOI":"10.1111\/jpet.12584","type":"journal-article","created":{"date-parts":[[2022,4,7]],"date-time":"2022-04-07T07:37:30Z","timestamp":1649317050000},"page":"873-911","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":9,"title":["A theory of voluntary testing and self\u2010isolation in an ongoing pandemic"],"prefix":"10.1111","volume":"24","author":[{"given":"Thomas","family":"Hellmann","sequence":"first","affiliation":[{"name":"Sa\u00efd Business School University of Oxford Oxford UK"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1316-3322","authenticated-orcid":false,"given":"Veikko","family":"Thiele","sequence":"additional","affiliation":[{"name":"Smith School of Business Queen's University Kingston Ontario Canada"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2022,4,7]]},"reference":[{"key":"e_1_2_11_2_1","doi-asserted-by":"publisher","DOI":"10.1257\/aeri.20200590"},{"key":"e_1_2_11_3_1","unstructured":"Agrawal A. 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