COVID-19 Vaccine Demand and Financial Incentives

Carlos E. Carpio, Ioana A. Coman, Oscar Sarasty, Manuel García

Research output: Contribution to journalArticlepeer-review

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.

Original languageEnglish
Pages (from-to)871-883
Number of pages13
JournalApplied Health Economics and Health Policy
Volume19
Issue number6
DOIs
StatePublished - Nov 2021

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