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Natural versus artificial herd immunity: Is vaccine research investment always optimal?

Author

Listed:
  • Stefano Bosi

    (CEPS - Centre d'Economie de l'ENS Paris-Saclay - Université Paris-Saclay - ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay, EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay)

  • Carmen Camacho

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • David Desmarchelier

    (BETA - Bureau d'Économie Théorique et Appliquée - AgroParisTech - UNISTRA - Université de Strasbourg - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

Under the threat of a rapid expanding virus like the 2020 COVID-19, policy-makers need to decide relatively fast whether and under which conditions to invest in a vaccine, and eventually adopt other protective measures like social distancing or lockdowns, or to wait for natural herd immunity. Taking into account that vaccines take time to be fully developed and effective, this paper considers a unified framework at the crossroad between economics and epidemiology to study optimal public spending in medical research to obtain a vaccine against an infectious disease evolving according to a SIR dynamics. We prove that developed economies always invest in the search of a vaccine. The more individuals care about consumption, the more they actually reduce their current consumption and the more they invest in the vaccine research program to recover their consumption potential at the earliest. Our model would only recommend economies with very poor technology to restrain from investment and wait for herd immunity.

Suggested Citation

  • Stefano Bosi & Carmen Camacho & David Desmarchelier, 2024. "Natural versus artificial herd immunity: Is vaccine research investment always optimal?," Post-Print hal-04761616, HAL.
    • Handle: RePEc:hal:journl:hal-04761616
    DOI: 10.1016/j.rie.2024.100982
    as

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