Financial incentives and COVID-19 vaccinations: Evidence from a conditional cash transfer program

Abstract

This paper investigates the effects of a nationwide conditional cash transfer program aimed at increasing COVID-19 vaccine uptake in Slovakia. Due to relatively low vaccination rates and the overcrowding of hospitals during the COVID-19 pandemic, the Slovak government decided to offer €200 or €300 cash transfers to individuals aged 60 or older, conditional on taking any of the available vaccines at the time. The eligibility requirements resulted in a discontinuity in treatment assignment at the age threshold. Our results suggest that the program significantly increased vaccination rates in the population. However, overall costs related to the intervention do not appear to outweigh the benefits.