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- W3157338516 abstract "We offer a novel theoretical framework to study optimal vaccination policies. The key features of the model are that agents: 1) differ both in their potential exposure (x) to others and vulnerability (y) to severe illness, 2) exert negative externalities through interaction, and 3) can take voluntary preventative measures, for instance self-isolation. Our main result is a complete characterization of the second-best policy. Three striking features emerge. First, it is non-monotone – people with intermediate y are vaccinated more than those with either low or high y. Second, it exhibits an exposure premium among those who do not self-isolate – people with higher x require lower overall risk, xy, to be vaccinated. Third, for those who voluntarily self-isolate, it is invariant to y, depending only upon x. Numerical results demonstrate that policies vaccinating only the most vulnerable perform significantly worse than other simple heuristics, especially when supplies are limited." @default.
- W3157338516 created "2021-05-10" @default.
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- W3157338516 date "2021-01-01" @default.
- W3157338516 modified "2023-09-27" @default.
- W3157338516 title "Optimal Vaccine Policies: Spillovers and Incentives" @default.
- W3157338516 hasPublicationYear "2021" @default.
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