Abstract
Our objective was to estimate the individual willingness to pay (WTP) for a COVID-19 vaccine and evaluate its predictors in the United States. A double-bounded dichotomous choice contingent valuation with open-ended question technique was implemented based on the responses to a national survey administered during the first week of November 2020. The final sample size was 1285. The results showed that individual WTP values increased with income, whether a household member had any pre-existing condition, and perceived threat of the virus. The vaccine efficacy rate and duration of protection were found to be important factors for the respondents. The mean WTP for a vaccine with a 95 percent efficacy rate and 3-year protection (US$318.76) was approximately 35 percent greater than the vaccine with a 50 percent efficacy rate and 1-year protection (US$236.85). The initial aggregate direct benefit of the current vaccination program was estimated to be between 20 and 35.6 billion US dollars depending on the vaccine protection duration.
Highlights
Coronavirus disease 2019 (COVID-19) is a natural phenomenon that has generated dire consequences and caused immediate concerns and threats to public health
The measurement of knowledge consisted of four separate questions, but for simplicity, the correct answers were aggregated by assigning equal weight to each correct response
1 if respondent has health insurance, 0 = otherwise 1 if respondent’s perceived health status is excellent, very good, or good, 0 = otherwise 1 if respondent has at least one pre-existing condition, 0 = otherwise 1 if respondent is living with someone who has at least one pre-existing condition, 0 = otherwise 1 if respondent got tested positive for COVID-19; 0 = otherwise 1 if a household member got tested positive for COVID-19; 0 = otherwise The sum of correct answers to the questions about the following sections Symptoms of COVID-19 Ways through which COVID-19 virus is contracted Measures to prevent spread of COVID-19
Summary
Coronavirus disease 2019 (COVID-19) is a natural phenomenon that has generated dire consequences and caused immediate concerns and threats to public health. As of 1 February 2021, the United States (U.S.) Food and Drug Administration (FDA) has authorized the emergency use of both Pfizer-BioNTech and Moderna vaccines that contain mRNA, a genetic molecule that helps the body produce proteins to create antibodies against COVID-19. Both vaccines are provided at no cost to the general population under the Coronavirus Aid, Relief, and Economic Security (CARES) Act [3]
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