Estimation of Total Cost Required in Controlling COVID-19 Outbreaks by Financial Incentives

Sangkwon Kim, Youngjin Hwang, Chaeyoung Lee, Soobin Kwak and Junseok Kim ()
Additional contact information
Sangkwon Kim: Department of Mathematics, Korea University, Seoul 02841, Republic of Korea
Youngjin Hwang: Department of Mathematics, Korea University, Seoul 02841, Republic of Korea
Chaeyoung Lee: Department of Mathematics, Korea University, Seoul 02841, Republic of Korea
Soobin Kwak: Department of Mathematics, Korea University, Seoul 02841, Republic of Korea
Junseok Kim: Department of Mathematics, Korea University, Seoul 02841, Republic of Korea

IJERPH, 2023, vol. 20, issue 2, 1-15

Abstract: In this article, we present a Monte Carlo simulation (MCS) to estimate the total cost required to control the spread of the COVID-19 pandemic by financial incentives. One of the greatest difficulties in controlling the spread of the COVID-19 pandemic is that most infected people are not identified and can transmit the virus to other people. Therefore, there is an urgent need to rapidly identify and isolate the infected people to avoid the further spread of COVID-19. To achieve this, we can consider providing a financial incentive for the people who voluntarily take the COVID-19 test and test positive. To prevent the abuse of the financial incentive policy, several conditions should be satisfied to receive the incentive. For example, an incentive is offered only if the recipients know who infected them. Based on the data obtained from epidemiological investigations, we calculated an estimated total cost of financial incentives for the policy by generating various possible infection routes using the estimated parameters and MCS. These results would help public health policymakers implement the proposed method to prevent the spread of the COVID-19 pandemic. In addition, the incentive policy can support various preparations such as hospital bed preparation, vaccine development, and so forth.

Keywords: COVID-19; Monte Carlo simulation; financial incentives; policymakers (search for similar items in EconPapers)
JEL-codes: I I1 I3 Q Q5 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/1660-4601/20/2/1217/pdf (application/pdf)
https://www.mdpi.com/1660-4601/20/2/1217/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jijerp:v:20:y:2023:i:2:p:1217-:d:1030719

Access Statistics for this article

IJERPH is currently edited by Ms. Jenna Liu

More articles in IJERPH from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().