IDEAS home Printed from https://ideas.repec.org/a/spr/aphecp/v19y2021i6d10.1007_s40258-021-00687-9.html
   My bibliography  Save this article

COVID-19 Vaccine Demand and Financial Incentives

Author

Listed:
  • Carlos E. Carpio

    (Texas Tech University)

  • Ioana A. Coman

    (Texas Tech University)

  • Oscar Sarasty

    (Texas Tech University)

  • Manuel García

    (Texas Tech University)

Abstract

Background Public health experts estimate that only very high COVID-19 vaccine uptake levels can result in herd immunity. Objective This study’s main objective was to evaluate the impact of vaccine price levels, including payments, and the efficacy levels on COVID-19 vaccine demand. Methods Data for this study were collected from an online survey of 2000 US individuals aged 18 years and older, which included a set of contingent valuation questions. Parametric and nonparametric procedures were used to estimate the distribution of willingness-to-pay and willingness-to-accept values for the vaccine and to assess its association with vaccine efficacy levels (50, 70, and 95%). Results Most of the individuals (60%) indicated they were willing to pay a positive amount for the vaccine; 13.7% said they would only accept the vaccine if it were free; 14.1% were willing to take the vaccine only if they were paid; and 12.2% were not willing to accept the vaccine. The vaccine efficacy level was found to affect an individual’s demand for the vaccine. Estimated mean willingness-to-pay values were: US$594, US$706, and US$723 for vaccines with efficacy levels of 50, 70, and 95%, respectively. Conclusions US individuals highly value the COVID-19 vaccine, and about 88% of the US population would accept the vaccination; however, 14% indicated they would get vaccinated if compensated. Payments of about US$500 or more would be needed to sufficiently incentivize 50% or more of this group vaccinated.

Suggested Citation

  • Carlos E. Carpio & Ioana A. Coman & Oscar Sarasty & Manuel García, 2021. "COVID-19 Vaccine Demand and Financial Incentives," Applied Health Economics and Health Policy, Springer, vol. 19(6), pages 871-883, November.
    • Handle: RePEc:spr:aphecp:v:19:y:2021:i:6:d:10.1007_s40258-021-00687-9
    DOI: 10.1007/s40258-021-00687-9
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s40258-021-00687-9
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s40258-021-00687-9?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Bronchetti, Erin Todd & Huffman, David B. & Magenheim, Ellen, 2015. "Attention, intentions, and follow-through in preventive health behavior: Field experimental evidence on flu vaccination," Journal of Economic Behavior & Organization, Elsevier, vol. 116(C), pages 270-291.
    2. Callaghan, Timothy & Moghtaderi, Ali & Lueck, Jennifer A. & Hotez, Peter & Strych, Ulrich & Dor, Avi & Fowler, Erika Franklin & Motta, Matthew, 2021. "Correlates and disparities of intention to vaccinate against COVID-19," Social Science & Medicine, Elsevier, vol. 272(C).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Orhan Erdem & Sukran Erdem & Kelly Monson, 2023. "Children, vaccines, and financial incentives," International Journal of Health Economics and Management, Springer, vol. 23(4), pages 537-552, December.
    2. Eiji Yamamura & Yoshiro Tsutsui & Fumio Ohtake, 2023. "Would Monetary Incentives to COVID-19 vaccination reduce motivation?," Papers 2311.11828, arXiv.org.
    3. Patrick Carlin & Brian E. Dixon & Kosali I. Simon & Ryan Sullivan & Coady Wing, 2022. "How Undervalued is the Covid-19 Vaccine? Evidence from Discrete Choice Experiments and VSL Benchmarks," NBER Working Papers 30118, National Bureau of Economic Research, Inc.
    4. Sangkwon Kim & Youngjin Hwang & Chaeyoung Lee & Soobin Kwak & Junseok Kim, 2023. "Estimation of Total Cost Required in Controlling COVID-19 Outbreaks by Financial Incentives," IJERPH, MDPI, vol. 20(2), pages 1-15, January.
    5. Raman, Shyam & Kriner, Douglas & Ziebarth, Nicolas & Simon, Kosali & Kreps, Sarah, 2022. "COVID-19 booster uptake among US adults: Assessing the impact of vaccine attributes, incentives, and context in a choice-based experiment," Social Science & Medicine, Elsevier, vol. 310(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Brilli, Ylenia & Lucifora, Claudio & Russo, Antonio & Tonello, Marco, 2020. "Vaccination take-up and health: Evidence from a flu vaccination program for the elderly," Journal of Economic Behavior & Organization, Elsevier, vol. 179(C), pages 323-341.
    2. Daisy Lee & Sharyn Rundle-Thiele & Tai Ming Wut & Gabriel Li, 2022. "Increasing Seasonal Influenza Vaccination among University Students: A Systematic Review of Programs Using a Social Marketing Perspective," IJERPH, MDPI, vol. 19(12), pages 1-22, June.
    3. Chaudhuri, K & Howley, P., 2021. "The impact of Covid-19 vaccination for mental health," Health, Econometrics and Data Group (HEDG) Working Papers 21/14, HEDG, c/o Department of Economics, University of York.
    4. Pronkina, Elizaveta & Berniell, Inés & Fawaz, Yarine & Laferrère, Anne & Mira, Pedro, 2023. "The COVID-19 curtain: Can past communist regimes explain the vaccination divide in Europe?," Social Science & Medicine, Elsevier, vol. 321(C).
    5. Müller, Stephan & Rau, Holger A., 2020. "Economic preferences and compliance in the social stress test of the Corona crisis," University of Göttingen Working Papers in Economics 391, University of Goettingen, Department of Economics.
    6. Goldzahl, Léontine & Hollard, Guillaume & Jusot, Florence, 2018. "Increasing breast-cancer screening uptake: A randomized controlled experiment," Journal of Health Economics, Elsevier, vol. 58(C), pages 228-252.
    7. Erin T. Bronchetti & Judd B. Kessler & Ellen B. Magenheim & Dmitry Taubinsky & Eric Zwick, 2020. "Is Attention Produced Rationally?," Working Papers 2020-91, Becker Friedman Institute for Research In Economics.
    8. Isobel Routledge & Saki Takahashi & Adrienne Epstein & Jill Hakim & Owen Janson & Keirstinne Turcios & Jo Vinden & John Tomas Risos & Margaret Rose Baniqued & Lori Pham & Clara Di Germanio & Michael B, 2022. "Using sero-epidemiology to monitor disparities in vaccination and infection with SARS-CoV-2," Nature Communications, Nature, vol. 13(1), pages 1-7, December.
    9. Ginger Zhe Jin & Thomas G. Koch, 2018. "Learning by Suffering? Patterns in Flu Shot Take-up," NBER Working Papers 25272, National Bureau of Economic Research, Inc.
    10. Tom Chang & Mireille Jacobson & Manisha Shah & Rajiv Pramanik & Samir B. Shah, 2021. "Financial Incentives and Other Nudges Do Not Increase COVID-19 Vaccinations among the Vaccine Hesitant," NBER Working Papers 29403, National Bureau of Economic Research, Inc.
    11. Hill, Patrick L. & Burrow, Anthony L. & Strecher, Victor J., 2021. "Sense of purpose in life predicts greater willingness for COVID-19 vaccination," Social Science & Medicine, Elsevier, vol. 284(C).
    12. Shehryar Munir & Farah Said & Umar Taj & Maida Zafar, 2022. "Digital 'nudges' to increase childhood vaccination compliance: Evidence from Pakistan," Papers 2209.06624, arXiv.org.
    13. Hirani, Jonas Cuzulan & Wüst, Miriam, 2024. "Reminder design and childhood vaccination coverage," Journal of Health Economics, Elsevier, vol. 93(C).
    14. Motta, Matt & Callaghan, Timothy & Trujillo, Kristin Lunz, 2022. "“The CDC Won’t Let Me Be.” The Opinion Dynamics of Support for CDC Regulatory Authority," SocArXiv pxrn3, Center for Open Science.
    15. Erin T. Bronchetti & Judd B. Kessler & Ellen B. Magenheim & Dmitry Taubinsky & Eric Zwick, 2023. "Is Attention Produced Optimally? Theory and Evidence From Experiments With Bandwidth Enhancements," Econometrica, Econometric Society, vol. 91(2), pages 669-707, March.
    16. Corey White, 2021. "Measuring Social and Externality Benefits of Influenza Vaccination," Journal of Human Resources, University of Wisconsin Press, vol. 56(3), pages 749-785.
    17. Hoffmann, Manuel & Mosquera, Roberto & Chadi, Adrian, 2019. "Vaccines at Work," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203661, Verein für Socialpolitik / German Economic Association.
    18. Nuzhath, Tasmiah & Spiegelman, Abigail & Scobee, Julia & Goidel, Kirby & Washburn, David & Callaghan, Timothy, 2023. "Primary care physicians’ strategies for addressing COVID-19 vaccine hesitancy," Social Science & Medicine, Elsevier, vol. 333(C).
    19. Josephine G. Gatua, 2021. "Information and cooperation in preventive health behavior: The case of bed net use in rural Kenya," Health Economics, John Wiley & Sons, Ltd., vol. 30(9), pages 2124-2143, September.
    20. John, Leslie K. & Blunden, Hayley & Milkman, Katherine L. & Foschini, Luca & Tuckfield, Bradford, 2022. "The limits of inconspicuous incentives," Organizational Behavior and Human Decision Processes, Elsevier, vol. 172(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:aphecp:v:19:y:2021:i:6:d:10.1007_s40258-021-00687-9. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.