Risk Compensation after COVID-19 Vaccination

Jisoo Hwang (hwang2@fas.harvard.edu), Seung-sik Hwang (cyberdoc@snu.ac.kr), Hyuncheol Bryant Kim (hk2405@gmail.com), Jungmin Lee (jmlee90@snu.ac.kr) and Junseok Lee (junseoklee@berkeley.edu)
Additional contact information
Jisoo Hwang: Harvard University
Seung-sik Hwang: Seoul National University
Jungmin Lee: Seoul National University
Junseok Lee: UC Berkeley

No 16053, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: This paper studies the causal impacts of vaccine eligibility on social distancing behaviors (risk compensation). We apply a regression discontinuity design around the birth date cutoff of vaccine eligibility using large, high-frequency data from credit card and airline companies as well as survey data. We find no evidence of risk compensation although vaccine take-up increases substantially with eligibility. We find some evidence of self-selection into vaccine take-up based on perception towards vaccine effectiveness and side effects, but we do not find that the treatment effects differ between compliers and never-takers.

Keywords: social distancing; risk compensation; selection; vaccine take-up; COVID-19 (search for similar items in EconPapers)
JEL-codes: I12 I18 (search for similar items in EconPapers)
Pages: 80 pages
Date: 2023-04
New Economics Papers: this item is included in nep-hea
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Published - updated version published as 'Risk compensation after COVID-19 vaccination: Evidence from vaccine rollout by exact birth date in South Korea' in: Health Economics, 2024, 33 (8), 1811 - 1830

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