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Are better vaccines really better? The case of a simple stochastic epidemic SIR model

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  • Nicolas Houy

    ()
    (Université de Lyon, Lyon, F-69007, France; CNRS, GATE Lyon Saint-Etienne, Ecully, F-69130, France)

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    Abstract

    We consider a model of vaccine market where the buyer is centralized and shows an endogenous demand function based on a simple stochastic SIR model. When the seller is a monopoly, we show that better vaccines (in the sense of greater efficiency or inducing less side-effects) do not imply greater total surplus, greater buyer surplus or even greater profits. Since we consider a centralized buyer, our results cannot be caused by the well-known epidemiological externality of vaccination.

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    File URL: http://www.accessecon.com/Pubs/EB/2013/Volume33/EB-13-V33-I1-P20.pdf
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    Bibliographic Info

    Article provided by AccessEcon in its journal Economics Bulletin.

    Volume (Year): 33 (2013)
    Issue (Month): 1 ()
    Pages: 207-216

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    Handle: RePEc:ebl:ecbull:eb-13-00021

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    Related research

    Keywords: Vaccines; Market structure; Monopoly; Epidemiology; SIR model.;

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    1. Forslid, Rikard & Herzing, Mathias, 2008. "On the Optimal Production Capacity for Influenza Vaccine," CEPR Discussion Papers 6808, C.E.P.R. Discussion Papers.
    2. Kessing, Sebastian G. & Nuscheler, Robert, 2006. "Monopoly pricing with negative network effects: The case of vaccines," European Economic Review, Elsevier, vol. 50(4), pages 1061-1069, May.
    3. Xu, Xiaopeng, 1999. "Technological improvements in vaccine efficacy and individual incentive to vaccinate," Economics Letters, Elsevier, vol. 65(3), pages 359-364, December.
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