• Show them the money: Pay the vaccine-hes

    From ScienceDaily@1:317/3 to All on Wednesday, April 13, 2022 22:30:46
    Show them the money: Pay the vaccine-hesitant to get their COVID-19
    shots

    Date:
    April 13, 2022
    Source:
    University of Toronto, Rotman School of Management
    Summary:
    A study initiated before the rollout of COVID-19 vaccines has found
    that a $1000 incentive for the vaccine-hesitant could boost vaccine
    rates up to 87 percent. The study also speaks to how monetary
    incentives can be used to influence larger behavior change.



    FULL STORY ========================================================================== Never dismiss the power of money to persuade. A study initiated before
    the rollout of COVID-19 vaccines has found that a $1000 incentive for
    the vaccine- hesitant could boost vaccine rates up to 87 percent.


    ==========================================================================
    At the time, that number was considered sufficient to confer herd
    immunity.

    With COVID-19 variants now proliferating globally, notions of herd
    immunity have changed. But the authors say their findings are still
    valuable, given that much of the developing world has yet to become
    fully vaccinated, and as public health officials continue to encourage vaccination as a powerful tool against serious health effects.

    "It's even a bigger question than vaccines and COVID. This is part of
    a larger set of ?dilemmas called collective action problems -- such as
    how do we convince people to take action to mitigate climate change,"
    says Vivek Nandur, a doctoral student in behavioural economics at the University of Toronto's Rotman School of Management and one of three study co-authors. "This speaks to that and how monetary incentives can be used
    to influence larger behaviour change." Some 2,500 study participants, recruited online in December 2020, were asked if they planned to get
    the vaccine or, if they would accept it under one of three conditions --
    if it were free, if it was effective against COVID-19, or if it had no
    side effects., Those who answered "yes" varied from 68 percent in the
    "free vaccine" category to 75 percent for those in the "no side effects"
    group. Some 70 percent of participants in the no conditions group said
    they would get vaccinated.

    All participants who answered "no," were then asked how much money would incentivize them to accept the vaccine. A $500 cash incentive brought
    the percentage of vaccine willing up to 80 percent. But the $1000 cash incentive, the maximum, raised that figure to nearly 87 percent.

    Between 13 and 15 percent of participants were unwilling to accept the
    vaccine under any circumstances. But Nandur said the results support
    other findings that show that the vaccine hesitant are not a homogeneous
    group and that public health strategies need to be similarly nuanced and targeted. Even cash incentives are not a panacea, and can potentially
    backfire, given other conditions.

    As one example, "offering the vaccine for free in our experiment seems
    to make people a bit warier, which is confusing and likely needs more examination," Nandur said.

    Money aside, people were more willing to take the vaccine if it was
    shown as effective against COVID-19, or had no side effects. Hesitancy
    was stronger among younger people than older ones, and among political conservatives.

    The study was published inHumanities and Social Sciences Communications.

    Nandur co-authored the study with David Soberman, a professor of marketing
    and the Canadian National Chair of Strategic Marketing at the Rotman
    School, and Ganesh Iyer of the Haas School of Business at the University
    of Berkley.

    The researchers have since looked at the effects of a 2021 policy by
    the government of West Virginia to offer $100 savings bonds to people
    aged 16 to 35 who get vaccinated. The policy was introduced to boost
    the state's lagging vaccination rate from 52 to beyond 70 percent.


    ========================================================================== Story Source: Materials provided by University_of_Toronto,_Rotman_School_of_Management. Note: Content may
    be edited for style and length.


    ========================================================================== Journal Reference:
    1. Ganesh Iyer, Vivek Nandur, David Soberman. Vaccine hesitancy
    and monetary
    incentives. Humanities and Social Sciences Communications, 2022;
    9 (1) DOI: 10.1057/s41599-022-01074-y ==========================================================================

    Link to news story: https://www.sciencedaily.com/releases/2022/04/220413161818.htm

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