The social value of a SARS‐CoV‐2 vaccine: Willingness to pay estimates from four western countries
SARS‐CoV‐2 vaccines give rise to positive externalities on population health, society and the economy in addition to protecting the health of vaccinated individuals. Hence, the social value of such a vaccine exceeds its market value. This paper estimates the willingness to pay (WTP) for a hypothetic...
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| Veröffentlicht in: | Health economics 2023-08, Vol.32 (8), p.1818-1835 |
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| container_title | Health economics |
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| creator | Costa‐Font, Joan Rudisill, Caroline Harrison, Sayward Salmasi, Luca |
| description | SARS‐CoV‐2 vaccines give rise to positive externalities on population health, society and the economy in addition to protecting the health of vaccinated individuals. Hence, the social value of such a vaccine exceeds its market value. This paper estimates the willingness to pay (WTP) for a hypothetical SARS‐CoV‐2 vaccine (or shadow prices), in four countries, namely the United States (US), the United Kingdom, Spain and Italy during the first wave of the pandemic when COVID‐19 vaccines were in development but not yet approved. WTP estimates are elicited using a payment card method to avoid “yea saying” biases, and we study the effect of protest responses, sample selection bias, as well as the influence of trust in government and risk exposure when estimating the WTP. Our estimates suggest evidence of an average value of a hypothetical vaccine of 100–200 US dollars once adjusted for purchasing power parity. Estimates are robust to a number of checks. |
| doi_str_mv | 10.1002/hec.4690 |
| format | Article |
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Hence, the social value of such a vaccine exceeds its market value. This paper estimates the willingness to pay (WTP) for a hypothetical SARS‐CoV‐2 vaccine (or shadow prices), in four countries, namely the United States (US), the United Kingdom, Spain and Italy during the first wave of the pandemic when COVID‐19 vaccines were in development but not yet approved. WTP estimates are elicited using a payment card method to avoid “yea saying” biases, and we study the effect of protest responses, sample selection bias, as well as the influence of trust in government and risk exposure when estimating the WTP. Our estimates suggest evidence of an average value of a hypothetical vaccine of 100–200 US dollars once adjusted for purchasing power parity. 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Hence, the social value of such a vaccine exceeds its market value. This paper estimates the willingness to pay (WTP) for a hypothetical SARS‐CoV‐2 vaccine (or shadow prices), in four countries, namely the United States (US), the United Kingdom, Spain and Italy during the first wave of the pandemic when COVID‐19 vaccines were in development but not yet approved. WTP estimates are elicited using a payment card method to avoid “yea saying” biases, and we study the effect of protest responses, sample selection bias, as well as the influence of trust in government and risk exposure when estimating the WTP. Our estimates suggest evidence of an average value of a hypothetical vaccine of 100–200 US dollars once adjusted for purchasing power parity. 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| source | MEDLINE; Applied Social Sciences Index & Abstracts (ASSIA); Wiley Online Library All Journals |
| subjects | COVID-19 COVID-19 - prevention & control COVID-19 Vaccines Data Collection Health economics Humans Market value Pandemics payment card positive externalities protest responses Purchasing power parity sample selection SARS-CoV-2 Selection bias Severe acute respiratory syndrome Severe acute respiratory syndrome coronavirus 2 Shadow prices social value Social Values Surveys and Questionnaires vaccine attitudes vaccine value Vaccines Willingness to pay |
| title | The social value of a SARS‐CoV‐2 vaccine: Willingness to pay estimates from four western countries |
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