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Risk aversion and COVID‐19 vaccine hesitancy

Author

Listed:
  • Anthony Lepinteur

    (uni.lu - Université du Luxembourg = University of Luxembourg = Universität Luxemburg)

  • Liyousew Borga

    (LIH - Luxembourg Institute of Health)

  • Andrew E. Clark

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Claus Vögele

    (uni.lu - Université du Luxembourg = University of Luxembourg = Universität Luxemburg)

  • Conchita D’ambrosio

    (uni.lu - Université du Luxembourg = University of Luxembourg = Universität Luxemburg)

Abstract

We here investigate the role of risk aversion in COVID‐19 vaccine hesitancy. The theoretical effect is ambiguous, as both COVID‐19 infection and vaccination side‐effects involve probabilistic elements. In large‐scale data covering five European countries, we find that vaccine hesitancy falls with risk aversion, so that COVID‐19 infection is perceived as involving greater risk than is vaccination.

Suggested Citation

  • Anthony Lepinteur & Liyousew Borga & Andrew E. Clark & Claus Vögele & Conchita D’ambrosio, 2023. "Risk aversion and COVID‐19 vaccine hesitancy," PSE-Ecole d'économie de Paris (Postprint) halshs-04206111, HAL.
    • Handle: RePEc:hal:pseptp:halshs-04206111
    DOI: 10.1002/hec.4693
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    Cited by:

    1. Epstein, Gil S. & Heizler, Odelia & Israeli, Osnat, 2025. "Herd behavior and the intention to vaccinate against COVID-19," European Economic Review, Elsevier, vol. 175(C).

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    Keywords

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    JEL classification:

    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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