@article{Boppart_T-2022_91329,
title = {Integrated epi-econ assessment of vaccination},
author = {Boppart, T. and Harmenberg, K. and Krusell, P. and Olsson, J.},
month = {jul},
year = {2022},
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 (2020), 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.},
volume = {140 },
journal = {Journal of Economic Dynamics and Control},
publisher = {Elsevier},
url = {https://doi.org/10.1016/j.jedc.2022.104308},
}
