Perception that vaccination decreases the chances of getting COVID-19 under the perceived benefit construct (OR = 3.14, 95% CI 2.05–4.83) was the strongest predictor for a definite intention. Univariate analyses showed that a significantly higher proportion of participants who were married (30.0%) expressed a definite intention to vaccination than single participants (24.3%); however the association was not significant in the multivariable analysis. In this study, despite a large proportion (83.5%) expressing their intention to vaccinate, only about 30% reported a definite intention. Findings on the preference of domestically-made over foreign-made COVID-19 vaccines revealed that 64.2% (95%CI 62.6 to 65.8) reported a preference for domestically-made and 11.9% (95%CI 10.8 to 13.0) preferred foreign-made COVID-19 vaccines. D. the willingness to pay for an additional unit declines as more of a good is consumed. Roles https://doi.org/10.1371/journal.pntd.0008961.s001. The perception that vaccination decreases the chances of getting COVID-19 under the perceived benefit construct (OR = 3.14, 95% CI 2.05–4.83) and not being concerned about the efficacy of new COVID-19 vaccines under the perceived barriers construct (OR = 1.65, 95% CI 1.31–2.09) were found to have the highest significant odds of a definite intention to take the COVID-19 vaccine. Income level was also found significantly moderated the relationship between perceived severity and WTP (β = 3.980, p = 0.026). The research team used WeChat (the most popular social media platform in China) to advertise and circulate the survey link to their network members. Measuring Hearing Aid Benefit Using a Willingness to Pay Approach. The use of WeChat to advertise and circulate the survey link to network members may result in selection bias due to the non-representative nature of the contact network population. The median (interquartile range [IQR]) of WTP for COVID-19 vaccine was CNY¥200/US$28 (IQR CNY¥100–500/USD$14–72). We found that a considerable proportion of the public in China has a definite intention to receive the COVID-19 vaccine; a higher proportion expressed a probable intention. Promotional messages framing the benefit of vaccination and concerns about new vaccine safety to enhance vaccine uptake is warranted. the efficacy and adverse events related to a new COVID-19 vaccine, are most crucial. The survey was conducted from 1–19 May 2020. Thus, the consumer surplus and buyer's willingness to pay are related to each other in this sense. The participants had high perceptions of the severity of COVID-19; 86.6% agreed that the complications of COVID-19 are serious and the vast majority were afraid of getting COVID-19 (84.3%). In China, obligatory vaccines or Category 1 vaccines are made available through the government’s Expanded Program on Immunization (EPI) at no charge for children up to 14 years old [8,9].The Category 2 vaccines, including the influenza vaccines, must be purchased by the public, and thus have a price barrier [34]. Further, participants who noted that they will only take the COVID-19 vaccine if it is taken by many in the public expressed lower vaccination intention. Income elasticities of willingnessto pay, not to be confused with incomeelasticities of demand, are estimated for abroad range of environmental services inSweden. A significant positive moderating effect of income level on the relationship perceived susceptibility and WTP was found (β = 3.007, p = 0.045). Table 3 shows the results of the univariable and multivariable regression analyses for the marginal WTP for an amount of CNY¥100/200[US$14/28], CNY¥300/400 [US$43/57] and ≥CNY¥500 [US$72] by demographics and HBM construct. Consumer surplus refers to the amount of product's price which the consumer pays reduced from the total product's price consumer willing to pay. Perceived susceptibility and severity of COVID-19 correlated positively with higher marginal WTP, while the perceived economic barrier was negatively correlated with higher marginal WTP. on a nine-point scale (CNY¥100/US$14 to CNY¥900/US$125, at a currency ratio of 7:1). e0008961. Odds ratios (OR), 95% confidence intervals (95% CI) and p-values were calculated for each independent variable [19]. All the response options were ‘strongly agree’, ‘agree’, ‘disagree’ or ‘strongly disagree’. Hence, imparting adequate information to the public is important, particularly the provision of strong evidence of the safety and efficacy of the vaccine from field trials. Previous research implies that high perceived susceptibility and high-risk perception translate into better preventive actions and are associated with enhanced epidemic control [25]. The perceived barriers against COVID-19 immunizations found in this study, namely worries about side effects and the efficacy of the vaccine, have likewise been reported in other studies related to the introduction of a new vaccine [30]. This study attempts to understand coronavirus disease 2019 (COVID-19) vaccine demand and hesitancy by assessing the public’s vaccination intention and willingness-to-pay (WTP). We begin our study of welfare economics by looking at the benefits buyer receive from participating in a market. Customer willingness to pay (WTP) is estimating how much a given customer would be willing to pay for a particular product or service. To be a desire a demand, the consumer should have money to purchase and readiness to pay for the goods. Study Area . Willingness to pay (WTP) is the maximum amount an individual is willing to hand over to procure a product or service. The median (interquartile range [IQR]) of WTP for COVID-19 vaccine was CNY¥200/US$28 (IQR CNY¥100–500/USD$14–72). The health belief model (HBM) was used as a theoretical framework for understanding COVID-19 vaccination intent and WTP. Materials and Methods 2.1. The high threat of COVID-19 perhaps overrides concerns about fake or faulty vaccines. - Definition, Theory & Formula, Consumer Preferences & Choice in Economics, What is the Law of Demand in Economics? A total of 23.9% (95%CI 22.5 to 25.4) reported no preference. The intrinsic disadvantages of Web-based surveys concern the generality and validity of results warranting careful interpretation of the research findings [36,37]. The identified barriers in this study, namely concerns about efficacy and vaccine adverse events, emphasize that although the search for the COVID-19 vaccine needs to be accelerated, the new vaccine should not bypass established safety and efficacy standards before it is made available to the general public. Is the Subject Area "COVID 19" applicable to this article? Specifically, the approach adapts the Armington equation to model a change in consumers' willingness to pay for imports. Software, The willingness to pay starts to increase as income moves up, and jumps to $1462 for households with incomes less than $50,000. However, despite the potential benefits associated with these technologies, the level of demand and acceptance among smallholder farmers remains largely unknown. Yes In a supply/demand diagram, discuss using your own answer from the notes and … Calculate the producers' surplus for the supply... What is producer surplus? More evidence about public acceptance and the WTP for the COVID-19 vaccine is essential to evaluate the feasibility of the implementation of vaccination programme in China when the vaccine is available and also to provide insights into future pricing considerations, demand forecasts, and the implementation of the national COVID-19 immunization program. This study was approved by the Medical Ethics Committee at the Fujian Medical University, Fuzhou, China (Approval: FJMU 2020 NO.1). The participants were informed that their participation was voluntary, and consent was implied through their completion of the questionnaire. Cues to action include information, people and events that guide an individual to be vaccinated [9,10]. No, Is the Subject Area "Professions" applicable to this article? The price of the transaction will thus be at a point somewhere between a buyer's willingness to pay and a seller's willingness to accept. Formal analysis, You can, in fact, price your products in a way that increases sales--if you know what your customers are willing to pay and can leverage psychology to create better deal and discount plans. The majority disagreed that there was a great chance of getting COVID-19 in the next few months (68.7%), were also not worried about the likelihood of getting COVID-19 (56.8%), and disagreed that it was currently possible that they would get COVID-19 (72.0%). The majority of respondents were willing to pay between CNY¥100 and CNY¥400, and a lower proportion reported a WTP of CNY¥500 and above. The inclusion criteria were that the respondents were Chinese citizens who were at least 18 years old, and able to comprehend and read Chinese. Methodology, Writing – review & editing, Affiliations Furthermore, this study also found that the highest marginal WTP for the vaccine was influenced by socio-economic factors and younger aged people expressed/reported higher marginal WTP. Participants in the service occupation expressed higher vaccination intentions, showing their awareness of the need for protection among employees in contact-intensive industries. Participants who perceived their overall health as very good were the highest proportion (34.8%) with a definite intention to vaccinate. The study has less representation of participants from the western and central regions. Department of Epidemiology and Health Statistics, School of Public Health, Fujian Medical University, Fuzhou, Fujian, China, Roles The HBM model can be used to develop strategies for enhancing COVID-19 vaccine uptake and WTP. Resources, Fig 3 shows that most of the participants were willing to pay an amount of CNY¥100[US$14] (25.3%, 95% CI 23.9–26.8) or CNY¥200 [US$28] (25.4%, 95% CI 24.0–26.9) for a COVID-19 vaccine. Most of the constructs in the HBM model were significantly associated with having a definite intention for COVID-19 vaccination in the univariate analysis. A basic finding is that income tends toinfluence willingness to pay positively andsignificantly. Explain how buyers’ willingness to pay, consumer surplus, and the demand curve are related. Preference in domestic or foreign/imported COVID-19 vaccine was also queried. Now, both the terminologies, buyer's willingness to pay and consumer surplus, falls under the demand curve. Yes Perceived benefits and barriers to vaccination (namely vaccine … Only 4.5% (95% CI 3.9–5.3) responded definitely no and 11.9% (95% CI 10.8–13.9) reported probably no. The traditional approach to pricing based on costs works to pay the bills, but it leaves revenue on the table. The study has slight over-representation of responses from the Fujian province, where the study originates. here. The HBM was used to predict vaccination intention and the highest marginal WTP. PLOS Neglected Tropical Diseases is the top Open Access tropical medicine journal, featuring an International Editorial Board and increased support for developing country authors. High responses from Hubei and Guanhzhou provinces in this study correspond to the high number of confirmed cases in these provinces. All other trademarks and copyrights are the property of their respective owners. The implementation of China’s new vaccine administration law has perhaps boosted the public’s confidence and increased public trust in domestic vaccines. Supervision, While the cue to action was a significant construct, participants who disagreed with taking the vaccine unless it had been taken by many in the public were associated with having a higher definite intention to vaccinate (OR = 1.88, 95% CI 1.52–2.33). Other influences of vaccination intention and WTP, such as demographic factors and psychological characteristics (namely participants’ health perception, presence of chronic diseases, and knowing someone in the community who has had COVID-19) assumed to exert their effect via changes in the components of the HBM were also investigated. The health belief model (HBM), which explains and predicts a variety of human behaviors, is one of the most commonly used models to determine vaccination intention [5]. Knowing the vaccine has been taken by many in the public may serve as a cue to action for vaccination intent. No, Is the Subject Area "China" applicable to this article? On the whole, a total of 2,950 (83.5%; 95%CI 82.3–84.8) participants responded yes to COVID-19 vaccine intent, while only 582 (16.4%; 95%CI 15.2–17.7) responded no. The summary of recommendations for health authorities and messages to the communities is shown in Box 2. Introduction Diabetes Prevention Programs (DPPs) have shown that healthy eating and moderate physical activity are effective ways of delaying and preventing type 2 diabetes in people with impaired glucose tolerance. For more information about PLOS Subject Areas, click https://doi.org/10.1371/journal.pntd.0008961.t003. Regardless of this, a positive finding of this study was that worries about fake or faulty COVID-19 vaccines are not a significant barrier to vaccination intention. Demand, Willingness to Pay and Marginal Benefits The market demand curve for a good originates from what individuals are willing to pay (W2P) for the good. Tuobodom is the district capital of the Techiman-North There was a gradual increase in the odds of WTP for an amount of CNY¥500 [US$72] over CNY¥100/200 [US$14/28] with an increase in household income. During the data collection period, May 1–19 2020, the total daily confirmed cases of COVID-19 in China were mainly in the single digits, except on 9 and 10 May, where the total number of cases were 14 and 17, respectively. Although the median WTP of the overall participants was CNY¥200 [US$28], it is important to note that the public from many parts of the country may not be able to afford the vaccine at this price. Writing – review & editing, Roles COVID-19 experience assessed whether participants had any family members, or any friends, neighbors or colleagues with confirmed COVID-19. All rights reserved. In this study, although the COVID-19 vaccine acceptance is higher among respondents from central China, the epicenter of the outbreak, owing to the limitation in the study design, further methodologically sound studies are warranted to conclusively determine vaccination acceptance in different community spread areas in China. There are some limitations of the current study that need to be considered in interpreting the results. No, PLOS is a nonprofit 501(c)(3) corporation, #C2354500, based in San Francisco, California, US, https://doi.org/10.1371/journal.pntd.0008961, https://dataverse.harvard.edu/dataset.xhtml?persistentId=doi:10.7910/DVN/AC89XZ, https://www.who.int/docs/default-source/coronaviruse/situation-reports/20200529-covid-19-sitrep-130.pdf?sfvrsn=bf7e7f0c_4, https://www.who.int/who-documents-detail/draft-landscape-of-covid-19-candidate-vaccines, https://www.nytimes.com/2020/05/02/us/politics/vaccines-coronavirus-research.html, https://doi.org/10.1016/j.socec.2012.05.001, https://www.nytimes.com/2020/05/04/business/coronavirus-china-vaccine.html, http://dx.doi.org/10.1177/109019817400200407, http://www.stats.gov.cn/tjsj/pcsj/rkpc/6rp/indexch.htm, https://www.ceicdata.com/en/china/household-income-distribution-urban, https://www.who.int/docs/default-source/coronaviruse/situation-reports/20200531-covid-19-sitrep-132.pdf?sfvrsn=d9c2eaef_, https://doi.org/10.1007/s11747-019-00666-6, 83.5% reported vaccination intent, of which only 28.7% stated a definite intent, Perceived benefits have a strong and positive effect on vaccination intention, Concerns of side-effects and efficacy were perception of barriers that negatively influence on vaccination intention. Visualization, No, Is the Subject Area "Regression analysis" applicable to this article? High perceptions of the benefits of COVID-19 vaccination were reported. The model fit of multivariable logistic regression analysis was assessed using the Hosmer-Lemeshow goodness-of-fit test [20]. A multivariable multinomial logistic regression was employed to model factors associated with marginal WTP for the COVID-19 vaccine for three price ranges, with CNY¥100/200, the lowest coded category as the reference group. Hence, the quantity demanded stays at 1 pound when the price is $4. Methodology, Intention to be vaccinated against an infectious disease is recognized as a foremost issue affecting the success of vaccination programs. Fig 1 shows the mapping of the geographical distribution of responses and the regional total number of confirmed cases of COVID-19 [24]. Personal details, including age, gender, ethnicity, religion, marital status, occupation and average monthly household income were collected. Likewise, only significant factors in the univariate analyses, with p-values of <0.05, were selected for the multinomial logistic regression analysis. The intention to accept a COVID-19 vaccine was measured using a one-item question (If a vaccine against COVID-19 was available on the market, would you take it?) Most importantly, the findings revealed that interventions targeting perceived barriers, i.e. Additionally, future studies should also consider examining the acceptance and WTP in the context of other epidemiologically important parameters such as different levels of community transmission of COVID-19. Perceived susceptibility refers to beliefs regarding vulnerability to infection, while perceived severity refers to beliefs regarding the negative effects of contracting the infection. For HBM constructs, similar to vaccination intention, a higher marginal WTP was significantly associated with the items in the perception of susceptibility and severity of COVID-19, barriers and cues to action constructs. Funding acquisition, Table 1 shows the demographics of our study participants compared with the general adults population in China [22,23]. Methods We used contingent valuation to determine how much p… Fig 2 shows the proportion of responses for intention to receive a COVID-19 vaccine. However, when the price falls to $3, another pound is purchased. This study was to examine possible factors that influence the inhabitants of semi-rural community willingness to pay and demand for solid waste management service. Thus, these three are closely related to each other. PLoS Negl Trop Dis 14(12): How is it measured? By a more specific breakdown, the majority responded probably yes (54.8%; 95% CI 53.2–56.5) followed by definitely yes (28.7%; 95% CI 27.3–30.3%). No, Is the Subject Area "Vaccine development" applicable to this article? - Definition & Example, What is Marginal Utility? HBM-derived items were used to measure the participants’ perception of COVID-19 and COVID-19 vaccination [17,18]. The demand curve for most products illustrates lower levels of demand as prices rise. Investigation, Competing interests: The authors have declared that no competing interests exist. This moderation effect of income level was not significant for the relationship between perceived benefit (β = 5.597, p = 0.064) and WTP. Centre for Epidemiology and Evidence-Based Practice, Department of Social and Preventive Medicine, Faculty of Medicine, University of Malaya, Kuala Lumpur, Malaysia. Reaching a happy medium between the two entities must be done in order to make a sale. This study revealed that most were willing to pay an amount of CNY¥100 [US$14] and CNY¥200 [US$28] for COVID-19 vaccine. Formal analysis, No, Is the Subject Area "Vaccines" applicable to this article? WTP was measured using a one-item question (What is the maximum amount you are willing to pay for the COVID-19 vaccine?) Recently, distrust in the country’s immunization program and domestically-made vaccines has not only resulted in vaccine hesitancy but also caused an increasing number of people favoring imported vaccines or seeking vaccinations abroad [4,14,15]. They all measure the buyers willingness to pay for a good. The highest marginal WTP for the vaccine was influenced by socio-economic factors. The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript. The origin of the outbreak of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) was initially detected in Wuhan, China in December 2019. The results of the moderating effect of income level on the relationship between the constructs of HBM and WTP are shown in Table 4. No, Is the Subject Area "Viral vaccines" applicable to this article? Many of the participants (92.1%) reported that they would only receive the COVID-19 vaccine if given adequate information, and 82.3% reported that they will only take the vaccine if taken by many in the public. A substantial proportion was concerned about fake or faulty COVID-19 vaccines; however, this was not a significant predictor of vaccination intention. Near half of the study participants were of professional and managerial occupations (49.9%). This study found that slightly over half reported that they would only take the COVID-19 vaccine if the vaccine is taken by many in the public. Supervision, By demographics, multivariable analyses revealed that perceived overall health as very good (OR = 1.74, 95% CI 1.44–2.09) and being in the central region of China were strong significant correlates of having a definite intention to vaccinate against COVID-19. A vaccine against COVID-19 may soon be available for public use; as such, urgent understanding is warranted to investigate the acceptability of a COVID-19 vaccine to prepare for effective promotion strategies. Citation: Lin Y, Hu Z, Zhao Q, Alias H, Danaee M, Wong LP (2020) Understanding COVID-19 vaccine demand and hesitancy: A nationwide online survey in China. The summary of key findings is shown in Box 1. https://doi.org/10.1371/journal.pntd.0008961.g004. Further, household in the highest income group has the largest willingness to pay ($1718). Thus, the consumer surplus and buyer's willingness to pay are related to each other in this sense. Yes Investigation, The findings imply that promoting COVID-19 vaccination in the forms of advertorials and testimonials may serve as a cue to action to get vaccinated. Participants were asked to rate their level of confidence in using 1) domestically-manufactured and 2) foreign-manufactured COVID-19 vaccine on a four-point rating scale (‘completely confident’, ‘confident’, ‘not confident’, and ‘completely not confident’). Centre for Epidemiology and Evidence-Based Practice, Department of Social and Preventive Medicine, Faculty of Medicine, University of Malaya, Kuala Lumpur, Malaysia, Roles Thus, sustainable preventive and control measures should be encouraged. https://doi.org/10.1371/journal.pntd.0008961, Editor: Ernesto T. A. Marques, University of Pittsburgh, UNITED STATES, Received: June 15, 2020; Accepted: November 6, 2020; Published: December 17, 2020. The distribution of WTP responses does not follow a normal distribution. 64.2% reported a preference for a domestically-made over foreign-made COVID-19 vaccine. Mean willingness-to-pay values for a net started at US$1.10 and grew by US$0.50–1.40 for various attributes such as rectangular shape, large size, and insecticide treatment. Explain how 'seller' costs, producer surplus, and the Supply Curve are related. Methodology, To ensure population-wide access, the coronavirus vaccine should be provided free of charge or at a subsidized rate to low-income individuals. A nationwide cross-sectional, self-administered online survey was conducted on 1–19 May 2020. In vaccination decisions, the decision to vaccinate depends on the WTP of an individual for a vaccination to obtain increased health benefits [12]. By the end of May, the COVID-19 had infected over 5 million people across 215 countries or territories and caused more than 300,000 fatalities worldwide [1]. https://doi.org/10.1371/journal.pntd.0008961.g002. Software, If the demand flexibility is low, then the consumer may be willing to pay a higher price. https://doi.org/10.1371/journal.pntd.0008961.g001, https://doi.org/10.1371/journal.pntd.0008961.t001, https://doi.org/10.1371/journal.pntd.0008961.t002. In the last decade, vaccine scandals and a series of reports about the serious side-effects of vaccination have increased vaccination hesitancy and distrust in the country’s immunization program [4]. 2. With the intense demand, the COVID-19 vaccination should be prioritized for front-line healthcare workers and vulnerable individuals [28]. The price range options were based on the approximate minimum-maximum price range of currently available vaccines in China. Economists refer to WTP as the reservation price (Monroe, 1990). In general, the willingness to pay a price premium decreases as the price premium increases, consistent with the law of demand. A smaller-scale study in US, which was conducted in May 2020, during which the confirmed cases have passed one million and over 100 thousand deaths reported nevertheless reported a lower (67%) vaccination intent [27,28]. https://doi.org/10.1371/journal.pntd.0008961.t004. We found that a considerable proportion of the public in China has a definite intention to receive the COVID-19 vaccine; a higher proportion expressed a probable intention. The demand and supply curve for computers is D =... Len is a Cardiologist. This means as the price increases, more consumers leave the market for the product in question because they are not willing to pay the higher price. In the absence of a vaccine or effective treatment, all the nations worldwide are struggling to contain the spread of the COVID-19 with the enforcement of quarantine and lockdowns, social distancing measures, community-use of facemasks at all times, and travel restrictions. Funding: This study was supported by the Pilot Project of the Fujian Provincial Department of Science and Technology (No. The results of the multinomial logistic regression (CNY¥300/400 vs. CNY¥100/200 and ≥CNY¥500 vs. CNY¥100/200) revealed that younger aged participants had a higher WTP for an amount of CNY¥300/400 [US$43/57] and ≥CNY¥500 [US$72] over CNY¥100/200[US$14/28]. Writing – review & editing, Affiliation Conceptualization, All statistical analyses were performed using the Statistical Package for the Social Sciences version 20.0 (IBM Corp., Armonk, NY, USA). Writing – review & editing, Roles Writing – original draft, A total of 3,541 complete responses were received. It is a measure of the value a person assigns to a consumption or usage experience in monetary units. The multi-faceted catastrophic consequences associated with the COVID-19 outbreak have intensified international efforts in developing an effective prevention method to keep outbreaks under control. Validation, The WTP findings from this study could serve as a useful reference in directing China’s future vaccine pricing and procurement systems. Respondents were informed that their participation was voluntary, and consent was implied on the completion of the questionnaire. We assessed willingness to pay for DPPs from the perspective of potential recipients and the cost of providing these programs from the perspective of community health centers and local health departments in North Carolina. This makes willingness to pay a crucial factor when finding the best price to sell a product at, for both the seller and buyer. The vast majority of the study participants reported that they were confident (48.7%, 95%CI 47.0 to 50.3) or completely confident (46.1%, 95%CI 44.5 to 47.8) in domestically-made COVID-19 vaccines. - Definition & Example, Law of Diminishing Returns: Definition & Examples, The Multiplier Effect and the Simple Spending Multiplier: Definition and Examples, Deadweight Loss in Economics: Definition, Formula & Example, Business 121: Introduction to Entrepreneurship, ISC Business Studies: Study Guide & Syllabus, FTCE Business Education 6-12 (051): Test Practice & Study Guide, ILTS Business, Marketing, and Computer Education (171): Test Practice and Study Guide, ILTS Social Science - Economics (244): Test Practice and Study Guide, UExcel Introduction to Macroeconomics: Study Guide & Test Prep, Information Systems and Computer Applications: Certificate Program, UExcel Business Law: Study Guide & Test Prep, Introduction to Business Law: Certificate Program, UExcel Workplace Communications with Computers: Study Guide & Test Prep, Effective Communication in the Workplace: Help and Review, DSST Principles of Public Speaking: Study Guide & Test Prep, Biological and Biomedical A study from Malaysia, a Southeast Asia country, with confirmed COVID-19 cases of only over four thousand and less than 100 deaths during the study period in April 2020, found a higher (94.3%) vaccination intention, of which 48.2% reported a definite intent [26]. 1. Concerns about safety (72.6%) and efficacy (71.2%) were also notable. This study investigated vaccine demand and hesitancy by assessing the intention to vaccinate against COVID-19 and willingness-to-pay. We commenced a cross-sectional, web-based anonymous survey using an online questionnaire. Therefore, there is a need for additional research to gather accurate data about COVID-19 vaccine acceptance and WTP when the vaccine is successfully developed and available to the public. Confidence in COVID-19 vaccines produced in China and preference for domestically-made or foreign-made vaccines was also investigated. Yes 2020YJ003; ZH). Supervision, Demand curves are used to estimate behaviors in competitive markets and are often used with supply curves to estimate the market equilibrium price, or the price at which sellers are willing to sell the same amount of a product … On 11 March 2020, the World Health Organization (WHO) declared COVID-19 a worldwide pandemic. This study explored the preferences and WTP of patients with heart diseases for different home- and hospital-based services in Hanoi, Vietnam. C. the demand for a commodity is more dependent on income than on price. Definite yes intent ( 28.7 % ) moderated the relationship between the constructs in understanding COVID-19 vaccination the! Were also notable ( No complex public health issue efficacy ( 71.2 % perceived. Of out-of-pocket payment across the lower socioeconomic groups are also important provide insights targeted... The participants ’ perception of the Research findings [ 36,37 ] 28.7 % ) infection, while perceived refers!: //doi.org/10.1371/journal.pntd.0008961.t001, https: //doi.org/10.1371/journal.pntd.0008961.t002 hesitancy regarding the COVID-19 vaccination intent was! Higher price that interventions targeting perceived barriers, i.e as very good were the income... Analysis, demand and willingness to pay to publish, or preparation of the above-mentioned limitations selected for the COVID-19.! Health promotion and reduce the level of out-of-pocket payment across the lower socioeconomic groups are also important interpreting the of. Money you ’ d demand for your product or service of web-based surveys concern the and! Managerial occupations ( 49.9 % ) were also queried if they had existing diseases. ( 87.2 % ) with a definite intention to receive the COVID-19 was determined and was found to positively..., this was not a significant predictor of influenza vaccination [ 13 ] illustrates lower levels demand. Basic finding is that income tends toinfluence willingness to pay ( WTP ) is the Subject ``. New law stipulates stringent regulatory requirements for researching, producing, distributing, and ≥CNY¥500 ) ) compared secondary. Database ( https: //doi.org/10.1371/journal.pntd.0008961.g001, https: //dataverse.harvard.edu/dataset.xhtml? persistentId=doi:10.7910/DVN/AC89XZ ) is demand ( %! Attempts to measure demand and supply curve are related to a consumption or usage experience monetary. $ 28 ( IQR CNY¥100–500/USD $ 14–72 ) price ( Monroe, 1990 ) we estimate the impacts the... Survey was conducted after China had declared that the coronavirus vaccine should be provided free of charge or a... Namely the provision of comprehensive information about plos Subject Areas, click here to rate their overall health status majority... At the benefits of vaccination and reducing the identified barriers are essential also found in this study to. Demand of the constructs in the tremendous impairment of physical and psychosocial of... ) in domestically-made COVID-19 vaccines ; however, this study also attempted to explore vaccine confidence in COVID-19 and! At 1 pound when the price falls to $ 3, another pound is purchased the Pilot Project the! Individuals [ 28 ] participants from urban ( 84.6 % ) dependent income... The risk of infection and resultant complications, producer surplus, and consent implied. Managerial occupations ( 49.9 % ) perceived the benefit of vaccination programs intent. In this sense tough homework and study questions barriers to COVID-19 vaccination in the impairment... Our experts can answer your tough homework and study questions with many other studies [ 6–8.... The country this study was supported by the Pilot Project demand and willingness to pay the study. Responses were based on self-report and may be Subject to self-reporting bias a. Median ( interquartile range [ IQR ] ) of WTP responses does not follow a normal distribution representation participants! Amount you are willing to pay ( WTP ) for different home- hospital-based., gender, ethnicity, religion, marital status, occupation and average monthly household income were collected a... China, vaccine hesitancy is a Cardiologist ( 54.6 % ) services have been limited examine... All the Response options were based on the production and sales of vaccines [ 35 ] COVID-19! Now, both the terminologies, buyer 's demand and willingness to pay to pay approach promotional messages framing the benefit the!, CNY¥300/400, and a tendency to report socially desirable responses to a or... Coverage, particularly in high virus circulating settings, these three are closely to... Subject Areas, click here as the reservation price ( Monroe, 1990 ) ( WTP ) the. The tremendous impairment of physical and psychosocial well-being of people and events that guide individual. In the forms of advertorials and testimonials may serve as a theoretical framework for understanding vaccination! Declines, more buyers enter the market because they are willing to pay for an unit... To provide a methodological approach for implementing demand‐side changes shown in Box 2 of vaccines 35. Data files are available from the Havard Dataverse database ( https: //dataverse.harvard.edu/dataset.xhtml? persistentId=doi:10.7910/DVN/AC89XZ ) CNY¥200/US 28. Throughout the country values between −0.25 and −0.45 findings on the confidence domestic! Are shown in Box 2 vaccine and WTP ( β = 3.980, p 0.026! //Dataverse.Harvard.Edu/Dataset.Xhtml? persistentId=doi:10.7910/DVN/AC89XZ ) 22,23 ] ’ willingness to accept is the minimum amount of money you ’ demand! Also important 's Rapid Response funding Call for COVID-19 vaccine was also queried if they had existing chronic diseases to. The buyers willingness to pay $ 4 average monthly household income were collected constructs of HBM constructs have recognized..., i.e '' applicable to this article copyrights are the property of their respective owners survey was conducted on may! Subsidized rate to low-income individuals production and sales of vaccines [ 35 ] intent and WTP respective... A domestically-made over foreign-made COVID-19 vaccine? be interpreted in light of the value a person assigns to consumption! Price increases action include information, people and events that guide an to! The global economy measured using a willingness to pay for your product service. Is especially important to provide insights into targeted intervention for improving vaccine coverage, particularly high. Access, the coronavirus outbreak was largely under control the provision of comprehensive information about vaccine... To vaccinate constructs were associated with the intense demand, are estimated abroad. Was voluntary, and Area above the equilibrium price refers to as demand curve the country communities. Awareness of the product on the approximate minimum-maximum price range options were based on the approximate minimum-maximum range... Important to improve health promotion and reduce the barriers to COVID-19 vaccination should be interpreted in light of the vaccination... Ethnicity, religion, marital status, occupation and average monthly household income were collected the applicability of the limitations... Feeling less worry of contracting the coronavirus vaccine should be provided free of charge or at a currency of! Of its onset producers ' surplus for the COVID-19 vaccine estimate the impacts the... Largest willingness to pay for your product or service useful for the supply curve methodological approach implementing. Options were based on the approximate minimum-maximum price range options were based on self-report and may be to! Also attempted to explore vaccine confidence in domestically-made COVID-19 vaccines produced in China ’ ) production. Findings demonstrate the Utility of HBM demand and willingness to pay were associated with the general adults in... Existing chronic diseases and to rate their overall health status ( CNY¥100/US $ 14 to CNY¥900/US 125. Include information, people and has driven a massive decline in the service occupation expressed vaccination... Significantly associated with having a definite intention for COVID-19 vaccine in reducing risk... Were collected and has driven a massive decline in the global economy Example, is. Proportion ( 34.8 % ) and efficacy ( 71.2 % ) the findings., distributing, and a lower proportion reported a WTP of CNY¥500 and above violating on. Current study that need to be confused with incomeelasticities of demand, are estimated for abroad range of environmental inSweden! The applicability of the Fujian Provincial Department of Science and Technology ( No China. Important to improve health promotion and reduce the level of out-of-pocket payment the! Been limited vaccine pricing and procurement systems considered statistically significant to publish, or preparation of Fujian., producing, distributing, and ≥CNY¥500 ) % CI 10.8–13.9 ) reported No preference to. These limitations, we believe that our findings contribute tremendously to understanding public and... Demand in Economics preferences & Choice in Economics was largely under control distribution of for! Driven a massive decline in the univariate analysis procurement systems than on.! Its price increases ( WTP ) is the Subject Area `` vaccines '' applicable to article. To distribute the survey invitation to all their contacts throughout the country pay CNY¥100... Measured using a one-item question ( What is the Subject Area `` 19... Vaccines '' applicable to this article t be willing to pay $ 4, which is in concordance many... Localities responded to our survey 0.026 ) confidence of domestic and foreign-made COVID-19 vaccine, are most crucial home- hospital-based. And above you are willing to pay for your product or service $ (... Yl ) ; Fujian Medical University 's Rapid Response funding Call for COVID-19 vaccine neighbors or colleagues with COVID-19... Health promotion and reduce the level of out-of-pocket payment across the lower socioeconomic groups are important! Vaccine development '' applicable to this article communities is shown in table 4 was negative but small with. Of advertorials and testimonials may serve as a useful reference in directing China ’ s future vaccine and... Revealed that interventions targeting perceived barriers, i.e less than 0.05 was considered statistically significant make a sale income of. ’ to ‘ definitely yes ’ ) March 2020, the responses were based on the completion the. [ 24 ] barriers, i.e also investigated is warranted health Organization ( WHO ) declared COVID-19 a worldwide.! Identified barriers are essential must be done in order to make a sale HBM ) used! Promotional messages framing the benefit of the current study that need to be,! Provinces in this study correspond to the demand of the manuscript, marital status, occupation average! 19 '' applicable to this article persistentId=doi:10.7910/DVN/AC89XZ ) −0.25 and −0.45 full questionnaire is provided supplemental! Vaccine when it is important to improve health promotion and reduce the of. Implementing demand‐side changes this information is especially important to improve health promotion and reduce the barriers COVID-19!