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Publication . Article . 2022

Integrated epi-econ assessment of vaccination

Timo, Boppart; Karl, Harmenberg; Per, Krusell; Jonna, Olsson;
Open Access

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.


Applied Mathematics, Control and Optimization, Economics and Econometrics, economics, Article

Funded by
EC| 3D-In-Macro
Inequality in 3D – measurement and implications for macroeconomic theory
  • Funder: European Commission (EC)
  • Project Code: 851891
  • Funding stream: H2020 | ERC | ERC-STG
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