Vaccination as a trade-off between risks
David Crainich (),
Louis Eeckhoudt and
Mario Menegatti ()
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Louis Eeckhoudt: LEM (UMR 9221)
Mario Menegatti: Università di Parma
Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, 2019, vol. 5, issue 3, No 6, 455-472
Abstract While it reduces the probability of facing a primary (or vaccine-preventable) disease, vaccination may also introduce the risk of facing vaccine induced side effects. In this paper, we address the link between this feature of vaccination and attitudes toward risk. Risk aversion is shown to increase the propensity to vaccinate when the primary disease is lethal or when the risks of primary disease and of side effects are faced in different periods. When the primary disease is non-lethal and may occur together with side effects, we show how the effect of risk aversion is affected by the probability and severity of each disease. The implications of the introduction of random effects of primary disease and of random side effects are also analyzed.
Keywords: Vaccination; Self-protection; Risk substitution; Risk aversion (search for similar items in EconPapers)
JEL-codes: D81 I10 (search for similar items in EconPapers)
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