Integrated epi-econ assessment of vaccination

Item Type Journal paper
Abstract Using an integrated epi-econ model, we compute the value of vaccines for Covid-19, both under a planner's solution and in competitive equilibrium. The specific model, developed in Boppart, Harmenberg, Hassler, Krusell, and Olsson (2021), factors in not just value-of-life aspects along with standard economic variables but also the value of leisure activities that rely on a social component. We find that the societal value of vaccination is large; we estimate that, translated into monetary terms, the value of vaccinating one young individual in the competitive equilibrium is $17,800. Externalities are large: less than half the societal value is internalized by individuals (assuming that they act purely in their self-interest). Finally, behavioral responses are important, with a substantial share of the value of vaccines being attributed to people enjoying more socially-oriented leisure when more people are vaccinated.
Authors Boppart, Timo; Harmenberg, Karl; Krusell, Per & Olsson, Jonna
Journal or Publication Title Journal of Economic Dynamics and Control
Language English
Subjects economics
Refereed Yes
Publisher Elsevier
Volume 140
ISSN 0165-1889
Publisher DOI https://doi.org/10.1016/j.jedc.2022.104308
Depositing User Prof. PhD Timo Boppart
Date Deposited 20 Oct 2022 10:39
Last Modified 02 Feb 2023 01:27
URI: https://www.alexandria.unisg.ch/publications/267640

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Boppart, Timo; Harmenberg, Karl; Krusell, Per & Olsson, Jonna Integrated epi-econ assessment of vaccination. Journal of Economic Dynamics and Control, 140 ISSN 0165-1889

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https://www.alexandria.unisg.ch/id/eprint/267640
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