Willingness to pay for an annual vaccine in an endemic COVID-19 scenario: a contingent valuation study in Metro Manila, Philippines
Abstract Using the Contingent Valuation Method, this paper estimated willingness to pay (WTP) for annual COVID-19 booster vaccines for the endemic phase of the disease. The study found that, on the average, Metro Manila households would be WTP PhP2,199.71–2,410.50 (US$42.71–46.81) for a one-dose vac...
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| Format: | Article |
| Language: | English |
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SpringerOpen
2023-07-01
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| Series: | Swiss Journal of Economics and Statistics |
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| Online Access: | https://doi.org/10.1186/s41937-023-00116-9 |
| _version_ | 1827890229611069440 |
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| author | Rosalina Palanca-Tan |
| author_facet | Rosalina Palanca-Tan |
| author_sort | Rosalina Palanca-Tan |
| collection | DOAJ |
| description | Abstract Using the Contingent Valuation Method, this paper estimated willingness to pay (WTP) for annual COVID-19 booster vaccines for the endemic phase of the disease. The study found that, on the average, Metro Manila households would be WTP PhP2,199.71–2,410.50 (US$42.71–46.81) for a one-dose vaccine with 90% efficacy for one year. This WTP estimate is a measure of the perceived benefits from preventing COVID-19 infection, suggesting the potential for private markets to cater to those who prefer to obtain the annual booster COVID-19 vaccine privately, while a public vaccination program that subsidizes partially or fully the cost of the vaccine for those with lower capacity to pay is likely to pass a social cost–benefit assessment. Consistent with economic theory, WTP was found to significantly decrease with vaccine price and increase with income. Further, the study found general acceptance (measured in terms of the Health Benefit Model constructs) of COVID-19 vaccines among Metro Manila households despite the dengue vaccine controversy in the country immediately prior to the COVID-19 pandemic. |
| first_indexed | 2024-03-12T21:06:42Z |
| format | Article |
| id | doaj.art-2635168ed1df4ec28c65a3cbc2f23592 |
| institution | Directory Open Access Journal |
| issn | 2235-6282 |
| language | English |
| last_indexed | 2024-03-12T21:06:42Z |
| publishDate | 2023-07-01 |
| publisher | SpringerOpen |
| record_format | Article |
| series | Swiss Journal of Economics and Statistics |
| spelling | doaj.art-2635168ed1df4ec28c65a3cbc2f235922023-07-30T11:25:52ZengSpringerOpenSwiss Journal of Economics and Statistics2235-62822023-07-01159111210.1186/s41937-023-00116-9Willingness to pay for an annual vaccine in an endemic COVID-19 scenario: a contingent valuation study in Metro Manila, PhilippinesRosalina Palanca-Tan0Department of Economics, Ateneo de Manila UniversityAbstract Using the Contingent Valuation Method, this paper estimated willingness to pay (WTP) for annual COVID-19 booster vaccines for the endemic phase of the disease. The study found that, on the average, Metro Manila households would be WTP PhP2,199.71–2,410.50 (US$42.71–46.81) for a one-dose vaccine with 90% efficacy for one year. This WTP estimate is a measure of the perceived benefits from preventing COVID-19 infection, suggesting the potential for private markets to cater to those who prefer to obtain the annual booster COVID-19 vaccine privately, while a public vaccination program that subsidizes partially or fully the cost of the vaccine for those with lower capacity to pay is likely to pass a social cost–benefit assessment. Consistent with economic theory, WTP was found to significantly decrease with vaccine price and increase with income. Further, the study found general acceptance (measured in terms of the Health Benefit Model constructs) of COVID-19 vaccines among Metro Manila households despite the dengue vaccine controversy in the country immediately prior to the COVID-19 pandemic.https://doi.org/10.1186/s41937-023-00116-9Endemic COVID-19VaccineWillingness to payContingent valuation methodHealth benefit model |
| spellingShingle | Rosalina Palanca-Tan Willingness to pay for an annual vaccine in an endemic COVID-19 scenario: a contingent valuation study in Metro Manila, Philippines Swiss Journal of Economics and Statistics Endemic COVID-19 Vaccine Willingness to pay Contingent valuation method Health benefit model |
| title | Willingness to pay for an annual vaccine in an endemic COVID-19 scenario: a contingent valuation study in Metro Manila, Philippines |
| title_full | Willingness to pay for an annual vaccine in an endemic COVID-19 scenario: a contingent valuation study in Metro Manila, Philippines |
| title_fullStr | Willingness to pay for an annual vaccine in an endemic COVID-19 scenario: a contingent valuation study in Metro Manila, Philippines |
| title_full_unstemmed | Willingness to pay for an annual vaccine in an endemic COVID-19 scenario: a contingent valuation study in Metro Manila, Philippines |
| title_short | Willingness to pay for an annual vaccine in an endemic COVID-19 scenario: a contingent valuation study in Metro Manila, Philippines |
| title_sort | willingness to pay for an annual vaccine in an endemic covid 19 scenario a contingent valuation study in metro manila philippines |
| topic | Endemic COVID-19 Vaccine Willingness to pay Contingent valuation method Health benefit model |
| url | https://doi.org/10.1186/s41937-023-00116-9 |
| work_keys_str_mv | AT rosalinapalancatan willingnesstopayforanannualvaccineinanendemiccovid19scenarioacontingentvaluationstudyinmetromanilaphilippines |