TY - JOUR
AU - Boppart, Timo
AU - Harmenberg, Karl
AU - Krusell, Per
AU - Olsson, Jonna
PY - 2022
DA - July
TI - Integrated epi-econ assessment of vaccination
JO - Journal of Economic Dynamics and Control
VL - 140 
DO - https://doi.org/10.1016/j.jedc.2022.104308
AB - 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.
PB - Science Direct
UR - https://www.research.ed.ac.uk/en/publications/37f1b438-16d7-4604-b9e9-407fa13c5300
KW - Coronavirus (COVID-19)
ER