{"title":"Fence off Black Swans: The Economics of Insurance for Vaccine Injury*","authors":"Ze Chen, Bingzheng Chen, Yu Mao","doi":"10.1111/obes.12585","DOIUrl":null,"url":null,"abstract":"<p>Being injured during vaccination, although infrequent, can occur, and this necessitates understanding the consequences of vaccine injuries. In this study, we analyse the impact of the risk of vaccine injuries, particularly the economic importance of vaccine injury compensation insurance (VICI) programmes for the injured, which few studies have investigated. Specifically, we examine the role of VICI on individuals' vaccination decisions by integrating an imperfect vaccine into an epidemiological-economic model in the presence and absence of such an insurance mechanism. Our findings show that the risk of being injured is a non-negligible risk that lowers individuals' incentives to be vaccinated. The introduction of VICI largely alleviates decision-makers' concern about vaccine injury. Furthermore, our extended discussion shows the effect of insurance in encouraging vaccination persists under some more sophisticated scenarios.</p>","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"86 5","pages":"995-1025"},"PeriodicalIF":1.5000,"publicationDate":"2023-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Oxford Bulletin of Economics and Statistics","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/obes.12585","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
Being injured during vaccination, although infrequent, can occur, and this necessitates understanding the consequences of vaccine injuries. In this study, we analyse the impact of the risk of vaccine injuries, particularly the economic importance of vaccine injury compensation insurance (VICI) programmes for the injured, which few studies have investigated. Specifically, we examine the role of VICI on individuals' vaccination decisions by integrating an imperfect vaccine into an epidemiological-economic model in the presence and absence of such an insurance mechanism. Our findings show that the risk of being injured is a non-negligible risk that lowers individuals' incentives to be vaccinated. The introduction of VICI largely alleviates decision-makers' concern about vaccine injury. Furthermore, our extended discussion shows the effect of insurance in encouraging vaccination persists under some more sophisticated scenarios.
在疫苗接种过程中受伤的情况虽然并不常见，但仍有可能发生，因此有必要了解疫苗接种受伤的后果。在本研究中，我们分析了疫苗接种伤害风险的影响，特别是疫苗伤害补偿保险（VICI）计划对受伤者的经济重要性，很少有研究对此进行调查。具体来说，我们通过将不完善疫苗纳入流行病学-经济模型，在存在或不存在这种保险机制的情况下，研究了疫苗伤害补偿保险对个人接种疫苗决策的作用。我们的研究结果表明，受伤风险是一种不可忽视的风险，会降低个人接种疫苗的积极性。引入 VICI 在很大程度上减轻了决策者对疫苗伤害的担忧。此外，我们的扩展讨论表明，在一些更复杂的情况下，保险在鼓励接种疫苗方面的作用依然存在。
期刊介绍：
Whilst the Oxford Bulletin of Economics and Statistics publishes papers in all areas of applied economics, emphasis is placed on the practical importance, theoretical interest and policy-relevance of their substantive results, as well as on the methodology and technical competence of the research.
Contributions on the topical issues of economic policy and the testing of currently controversial economic theories are encouraged, as well as more empirical research on both developed and developing countries.
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