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A Study on Herd Immunity of COVID-19 in South Korea: Using a Stochastic Economic-Epidemiological Model

Author

Listed:
  • Hojeong Park

    (Korea University
    Korea University)

  • Songhee H. Kim

    (Yonsei University
    Yonsei University)

Abstract

Vaccination is an effective measure to control the diffusion of infectious disease such as COVID-19. This paper analyzes the basic reproduction number in South Korea which enables us to identify a necessary level of vaccine stockpile to achieve herd immunity. An susceptible-infected-susceptible model is adopted that allows a stochastic diffusion. The result shows that the basic reproduction number of South Korea is approximately 2 which is substantially lower than those of the other regions. The herd immunity calculated from economic-epidemiological model suggests that at least 62% of the susceptible population be vaccinated when COVID-19 vaccine becomes available.

Suggested Citation

  • Hojeong Park & Songhee H. Kim, 2020. "A Study on Herd Immunity of COVID-19 in South Korea: Using a Stochastic Economic-Epidemiological Model," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 76(4), pages 665-670, August.
    • Handle: RePEc:kap:enreec:v:76:y:2020:i:4:d:10.1007_s10640-020-00439-8
    DOI: 10.1007/s10640-020-00439-8
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    Citations

    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Health > Immunization
    2. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Health > Herd immunity

    Citations

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    Cited by:

    1. Mayer Alvo & Jingrui Mu, 2023. "COVID-19 Data Analysis Using Bayesian Models and Nonparametric Geostatistical Models," Mathematics, MDPI, vol. 11(6), pages 1-13, March.
    2. Nikolaos P. Rachaniotis & Thomas K. Dasaklis & Filippos Fotopoulos & Platon Tinios, 2021. "A Two-Phase Stochastic Dynamic Model for COVID-19 Mid-Term Policy Recommendations in Greece: A Pathway towards Mass Vaccination," IJERPH, MDPI, vol. 18(5), pages 1-21, March.
    3. Sinha, Priyank & Kumar, Sameer & Chandra, Charu, 2023. "Strategies for ensuring required service level for COVID-19 herd immunity in Indian vaccine supply chain," European Journal of Operational Research, Elsevier, vol. 304(1), pages 339-352.

    More about this item

    Keywords

    COVID-19; Vaccination stockpile; SIS; Stochastic disease;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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