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Analysis of Hybrid Epidemiological-Economic Models of COVID-19 Mitigation Policies

Author

Listed:
  • Jessica Carrick-Hagenbarth

    (SUNY Cortland)

  • Eric Edlund

    (SUNY Cortland)

  • Avanti Mukherjee

    (SUNY Cortland)

Abstract

Some studies have examined the tension between public health benefits and economic costs of interventions in the United States for the COVID-19 pandemic by merging epidemiological and economic models. We extract from these studies a data set consisting of lives saved and the associated costs for each intervention. Our analysis calculates cost–benefit ratios that allow the effectiveness of intervention types to be compared against each other and against the value of the statistical life and the value of the statistical life year. This work identifies patterns in the cost–benefit ratios that illuminate the strengths and weaknesses of different intervention strategies and thereby enhances the practical application of complex theoretical analyses.

Suggested Citation

  • Jessica Carrick-Hagenbarth & Eric Edlund & Avanti Mukherjee, 2023. "Analysis of Hybrid Epidemiological-Economic Models of COVID-19 Mitigation Policies," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 49(4), pages 585-612, October.
    • Handle: RePEc:pal:easeco:v:49:y:2023:i:4:d:10.1057_s41302-023-00256-z
    DOI: 10.1057/s41302-023-00256-z
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    References listed on IDEAS

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    More about this item

    Keywords

    COVID-19; Health policy interventions; Value of a statistical life; Models;
    All these keywords.

    JEL classification:

    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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