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Article

Willingness to Pay for a Hypothetical COVID-19 Vaccine in the United States: A Contingent Valuation Approach

by 1,* and 2
1
Department of Business Administration, University of South Carolina Beaufort, 1 University Blvd, Hargray 224, Bluffton, SC 29909, USA
2
Department of Engineering, Management and Technology, University of Tennessee at Chattanooga, EMCS 235, 615 McCallie Ave., Chattanooga, TN 37403, USA
*
Author to whom correspondence should be addressed.
Academic Editors: Tiziana Ramaci and Massimiliano Barattucci
Received: 4 March 2021 / Revised: 21 March 2021 / Accepted: 23 March 2021 / Published: 1 April 2021
(This article belongs to the Special Issue SARS-CoV-2 (COVID-19) Vaccination and Compliance/Hesitancy)
Our objective was to estimate the individual willingness to pay (WTP) for a COVID-19 vaccine and evaluate its predictors in the United States. A double-bounded dichotomous choice contingent valuation with open-ended question technique was implemented based on the responses to a national survey administered during the first week of November 2020. The final sample size was 1285. The results showed that individual WTP values increased with income, whether a household member had any pre-existing condition, and perceived threat of the virus. The vaccine efficacy rate and duration of protection were found to be important factors for the respondents. The mean WTP for a vaccine with a 95 percent efficacy rate and 3-year protection (US$318.76) was approximately 35 percent greater than the vaccine with a 50 percent efficacy rate and 1-year protection (US$236.85). The initial aggregate direct benefit of the current vaccination program was estimated to be between 20 and 35.6 billion US dollars depending on the vaccine protection duration. View Full-Text
Keywords: willingness to pay; contingent valuation; COVID-19; vaccine preference willingness to pay; contingent valuation; COVID-19; vaccine preference
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MDPI and ACS Style

Catma, S.; Varol, S. Willingness to Pay for a Hypothetical COVID-19 Vaccine in the United States: A Contingent Valuation Approach. Vaccines 2021, 9, 318. https://0-doi-org.brum.beds.ac.uk/10.3390/vaccines9040318

AMA Style

Catma S, Varol S. Willingness to Pay for a Hypothetical COVID-19 Vaccine in the United States: A Contingent Valuation Approach. Vaccines. 2021; 9(4):318. https://0-doi-org.brum.beds.ac.uk/10.3390/vaccines9040318

Chicago/Turabian Style

Catma, Serkan, and Serkan Varol. 2021. "Willingness to Pay for a Hypothetical COVID-19 Vaccine in the United States: A Contingent Valuation Approach" Vaccines 9, no. 4: 318. https://0-doi-org.brum.beds.ac.uk/10.3390/vaccines9040318

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