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© 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.

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.

Details

Title
Willingness to Pay for a Hypothetical COVID-19 Vaccine in the United States: A Contingent Valuation Approach
Author
Catma, Serkan 1   VIAFID ORCID Logo  ; Varol, Serkan 2   VIAFID ORCID Logo 

 Department of Business Administration, University of South Carolina Beaufort, 1 University Blvd, Hargray 224, Bluffton, SC 29909, USA 
 Department of Engineering, Management and Technology, University of Tennessee at Chattanooga, EMCS 235, 615 McCallie Ave., Chattanooga, TN 37403, USA; [email protected] 
First page
318
Publication year
2021
Publication date
2021
Publisher
MDPI AG
e-ISSN
2076393X
Source type
Scholarly Journal
Language of publication
English
ProQuest document ID
2528259109
Copyright
© 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.