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Vaccine hesitancy and monetary incentives

Author

Listed:
  • Ganesh Iyer

    (University of Berkeley, Haas School of Business)

  • Vivek Nandur

    (University of Toronto, Rotman School of Management)

  • David Soberman

    (University of Toronto, Rotman School of Management)

Abstract

Vaccine hesitancy is a significant barrier to reaching herd immunity and exiting the Covid-19 pandemic. This study examines the potential effectiveness of monetary incentives in conjunction with informational treatments about vaccine efficacy, lack of side effects, and zero costs. We elicit monetary valuations (both positive and negative) for the coronavirus vaccine by conducting an online randomized experiment on a representative sample of 2461 individuals across the US. The study elicits vaccination uptake, then participants’ valuations (willingness to pay (WTP) or the willingness to accept (WTA)) for the vaccine based upon the stated choice of participants to accept or reject the vaccine. We find that a $1000 incentive increases vaccination uptake up to 86.9%. We identify two distinct segments among the vaccine hesitants—“Reluctants” and “Unwillings”. Reluctants can be persuaded to vaccinate for some level of monetary incentive, whereas Unwillings indicate that no amount of monetary incentive will persuade them to vaccinate. The Unwillings are more likely to (a) think that the disease is insufficiently severe, (b) have less faith in the public health system, (c) be older, compared to the Reluctants.

Suggested Citation

  • Ganesh Iyer & Vivek Nandur & David Soberman, 2022. "Vaccine hesitancy and monetary incentives," Palgrave Communications, Palgrave Macmillan, vol. 9(1), pages 1-10, December.
    • Handle: RePEc:pal:palcom:v:9:y:2022:i:1:d:10.1057_s41599-022-01074-y
    DOI: 10.1057/s41599-022-01074-y
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    References listed on IDEAS

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    1. Lacetera, Nicola & Macis, Mario, 2010. "Do all material incentives for pro-social activities backfire? The response to cash and non-cash incentives for blood donations," Journal of Economic Psychology, Elsevier, vol. 31(4), pages 738-748, August.
    2. Champ, Patricia A. & Moore, Rebecca & Bishop, Richard C., 2009. "A Comparison of Approaches to Mitigate Hypothetical Bias," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 38(2), pages 1-15, October.
    3. Richard C. Ready & Patricia A. Champ & Jennifer L. Lawton, 2010. "Using Respondent Uncertainty to Mitigate Hypothetical Bias in a Stated Choice Experiment," Land Economics, University of Wisconsin Press, vol. 86(2), pages 363-381.
    4. Champ, Patricia A. & Moore, Rebecca & Bishop, Richard C., 2009. "A Comparison of Approaches to Mitigate Hypothetical Bias," Agricultural and Resource Economics Review, Cambridge University Press, vol. 38(2), pages 166-180, October.
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    Cited by:

    1. Joshua S. Gans, 2023. "Vaccine Hesitancy, Passports, And The Demand For Vaccination," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 64(2), pages 641-652, May.
    2. François, Abel & Gergaud, Olivier & Noury, Abdul, 2023. "Can health passport overcome political hurdles to COVID-19 vaccination?," European Journal of Political Economy, Elsevier, vol. 80(C).
    3. Ahmed Asa’ad Al-Aghbari & Violet Naanyu & Stanley Luchters & Eunice Irungu & Kawthar Baalawy & Till Bärnighausen & Joy Mauti, 2023. "Reducing Barriers to COVID-19 Vaccination Uptake: Community Ideas from Urban and Rural Kenya," IJERPH, MDPI, vol. 20(23), pages 1-15, November.
    4. Jesús Villota-Miranda & R. Rodríguez-Ibeas, 2024. "Simple economics of vaccination: public policies and incentives," International Journal of Health Economics and Management, Springer, vol. 24(2), pages 155-172, June.

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