COVID-19 Vaccine Demand and Financial Incentives

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.

Comparative effectiveness of mandates and financial policies targeting COVID-19 vaccine hesitancy: A randomized, controlled survey experiment

“…The maximum lottery reward was listed at $1 million because that is the highest amount that has been proposed for such policies (or implemented). The maximum amount of the cash policy was $1000 because debates about financial incentives for COVID-19 have focused on this amount more than any other [6] , [33] , [34] , [35] and, while larger amounts may be effective, they are also considered excessive unlikely to be implemented [33] , [34] , [35] . The specific mandates tested were selected because they were currently debated and soon to be implemented in parts of the US.…”

COVID-19 booster uptake among US adults: Assessing the impact of vaccine attributes, incentives, and context in a choice-based experiment

“…Monetary incentives, particularly for the already-vaccinated to get a booster – also affected willingness. Although early research on monetary incentives for COVID-19 vaccination showed that incentives had little effect on vaccine preferences ( Kreps et al, 2021 ) and research on previous vaccines showed that individuals were willing to pay for the vaccine ( Carpio et al, 2021 ), growing research has shown that incentives can help overcome reluctance get the COVID-19 vaccine ( Campos-Mercade et al, 2021 ). The same appears to be true regarding boosters.…”

“…Additional studies, employing a range of methodologies, have examined the influence of vaccine attributes themselves on public acceptance. These attributes include efficacy ( Kaplan and Milstein, 2021 ; Kreps et al, 2020 ; Motta, 2021 ; Schwarzinger et al, 2021 ), technology ( Dror et al, 2021 ; Motta, 2021 ), cost/financial incentives ( Campos-Mercade et al, 2021 ; Carpio et al, 2021 ; Kreps et al, 2021 ), and manufacturer ( Kreps et al, 2021 ).…”

Application of bioreactor technology for cell culture-based viral vaccine production: Present status and future prospects

“…By 4 April 2022, 11.25 billion doses of vaccine had been administered worldwide ( World Health Organization, 2022a ). Public health experts estimate that only a very high level of SARS-CoV-2 vaccination can induce mass immunity ( Carpio et al, 2021a ; Carpio et al, 2021b ). However, as the virus rages, the economies of many low-income countries have been seriously affected.…”