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Economic Considerations in COVID‐19 Vaccine Hesitancy and Refusal: A Survey of the Literature

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  • Louise Rawlings
  • Jeffrey C. L. Looi
  • Stephen J. Robson

Abstract

The COVID‐19 global pandemic has triggered one of the greatest economic shocks in a century. Effective COVID‐19 vaccines have been developed, but a proportion of people either are hesitant or refuse to be vaccinated, facilitated by a global misinformation campaign. If ‘herd immunity’ cannot be achieved, there is potential not only for ongoing surges in infection, but also for development of new strains of the virus that could evade vaccines and precipitate further health and economic crises. We review the economics of vaccination and of vaccine hesitancy and refusal, and their potential effects on the recovery from the COVID‐19 pandemic.

Suggested Citation

  • Louise Rawlings & Jeffrey C. L. Looi & Stephen J. Robson, 2022. "Economic Considerations in COVID‐19 Vaccine Hesitancy and Refusal: A Survey of the Literature," The Economic Record, The Economic Society of Australia, vol. 98(321), pages 214-229, June.
    • Handle: RePEc:bla:ecorec:v:98:y:2022:i:321:p:214-229
    DOI: 10.1111/1475-4932.12667
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    References listed on IDEAS

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    1. Joshua S. Gans, 2023. "Vaccine Hesitancy, Passports, And The Demand For Vaccination," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 64(2), pages 641-652, May.
    2. Jamie Murphy & Frédérique Vallières & Richard P. Bentall & Mark Shevlin & Orla McBride & Todd K. Hartman & Ryan McKay & Kate Bennett & Liam Mason & Jilly Gibson-Miller & Liat Levita & Anton P. Martine, 2021. "Psychological characteristics associated with COVID-19 vaccine hesitancy and resistance in Ireland and the United Kingdom," Nature Communications, Nature, vol. 12(1), pages 1-15, December.
    3. Katrin Schmelz & Samuel Bowles, 2021. "Overcoming COVID-19 vaccination resistance when alternative policies affect the dynamics of conformism, social norms, and crowding out," Proceedings of the National Academy of Sciences, Proceedings of the National Academy of Sciences, vol. 118(25), pages 2104912118-, June.
    4. Tom Kompas & R Quentin Grafton & Tuong Nhu Che & Long Chu & James Camac, 2021. "Health and economic costs of early and delayed suppression and the unmitigated spread of COVID-19: The case of Australia," PLOS ONE, Public Library of Science, vol. 16(6), pages 1-18, June.
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    Cited by:

    1. Jaeyoung Lim & Kuk-Kyoung Moon, 2023. "Political Ideology and Trust in Government to Ensure Vaccine Safety: Using a U.S. Survey to Explore the Role of Political Trust," IJERPH, MDPI, vol. 20(5), pages 1-15, March.
    2. Xin Jing & Jin Seo Cho, 2025. "Quantile ARDL Estimation of the Relationship between the Confirmed COVID-19 Cases and Deaths in the U.S," Working papers 2025rwp-247, Yonsei University, Yonsei Economics Research Institute.

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