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A Theoretical Approach to Evaluating Global Vaccination Plans

Author

Listed:
  • Park, Youngseok

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Yea, Sangjun

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

Abstract

We study a game-theoretic model in which there are two periods of time in each of which agents (players) make a vaccination decision, and they choose the level of economic activities. In addition, we consider two kinds of policy measures 1) a vaccination passport policy and 2) a subsidy policy to promote vaccination, and compare the social welfare in each case. We find that introducing a vaccine passport policy or subsidizing to mitigate the expected costs from vaccination may decrease the social welfare when a vaccine is effective to reducing the extent of severeness of illness from virus infection but not successful in curbing the transmissibility of virus.

Suggested Citation

  • Park, Youngseok & Yea, Sangjun, 2021. "A Theoretical Approach to Evaluating Global Vaccination Plans," Working Papers 21-2, Korea Institute for International Economic Policy.
    • Handle: RePEc:ris:kiepwp:2021_002
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    More about this item

    Keywords

    Pandemic; Vaccination policy;

    JEL classification:

    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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