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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
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    References listed on IDEAS

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    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).
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    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. 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.
    3. Eiji Yamamura & Yoshiro Tsutsui & Fumio Ohtake, 2023. "Would Monetary Incentives to COVID-19 vaccination reduce motivation?," Papers 2311.11828, arXiv.org.
    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).

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