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Mathematical Epidemiology and Welfare Economics

In: Modeling the Interplay Between Human Behavior and the Spread of Infectious Diseases

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  • Mark Gersovitz

    (The Johns Hopkins University, Department of Economics)

Abstract

Economics provides theories of private behavior and government policy that can be integrated with mathematical epidemiology, as illustrated in a susceptible-infected-susceptible model of infection. Confronting infections, people decide on prevention and therapy with regard to consequences for themselves but not for others, the economic concept of an externality. Public policy can optimally offset the externality by subsidizing prevention and therapy at equal rates (or less practically, taxing infection). Absent such interventions, seemingly beneficial changes such as a decreased cost of infection can perversely lower welfare by worsening the externality, the economic concept of immiserization. Other issues discussed include uniqueness and stability of the optimal steady state and its response to parameter changes.

Suggested Citation

  • Mark Gersovitz, 2013. "Mathematical Epidemiology and Welfare Economics," Springer Books, in: Piero Manfredi & Alberto D'Onofrio (ed.), Modeling the Interplay Between Human Behavior and the Spread of Infectious Diseases, edition 127, pages 185-202, Springer.
    • Handle: RePEc:spr:sprchp:978-1-4614-5474-8_12
    DOI: 10.1007/978-1-4614-5474-8_12
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