Median WTP for COVID-19 vaccine was CNY¥200 [US$28], The higher marginal WTP for the vaccine was associated with higher socio-economic factors, Majority expressed confidence in domestically-made COVID-19 vaccine, Near two-thirds reported a preference for a domestically-made over foreign-made COVID-19 vaccine, Efforts are needed to promote high definite intention to get vaccinated against COVID-19 when the vaccine is successfully developed and given regulatory approval, Public health intervention programmes should focus on increasing the perception of the benefits of COVID-19 vaccination and reducing the perceived adverse effect and inefficacy barriers, Clinical evidence of the safety and efficacy of COVID-19 vaccines are key messages to enhance rates of vaccine coverage, Promoting COVID-19 vaccination in the forms of advertorials and testimonials may prompt vaccination decision, It is crucial to reduce inequalities in access to COVID-19 vaccines due to financial constraints, Further measures are needed to identify and restore confidence in domestically-made COVID-19 vaccines among certain individuals and societal groups. Specifically, the approach adapts the Armington equation to model a change in consumers' willingness to pay for imports. Validation, Copyright: © 2020 Lin et al. https://doi.org/10.1371/journal.pntd.0008961.g003. Measuring Hearing Aid Benefit Using a Willingness to Pay Approach. WORKSHEET – DEMAND AND WILLINGNESS TO PAY PRINT FOR LECTURE Demand for Movies per Month Price Q D by Ann Q D by Ben Total Q D $10 0 0 $9 1 0 $8 2 1 $7 3 2 1. 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. Hence, the quantity demanded stays at 1 pound when the price is $4. The majority reported a probably yes intent (54.6%), followed by a definite yes intent (28.7%). The third and fourth columns of Table 2 show the responses of definitely yes against the other options (probably yes/probably no/ definitely no) in vaccination intention by demographics and health belief constructs. 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. In vaccination decisions, the decision to vaccinate depends on the WTP of an individual for a vaccination to obtain increased health benefits [12]. The traditional approach to pricing based on costs works to pay the bills, but it leaves revenue on the table. It is also noteworthy that the assessment of intention to vaccinate in this study did not account for the other possible factors affecting vaccination intention such as duration of protection of the new vaccine and the need for booster doses which may have a significant influence on participants' intention. Micro Chapter 7 segment on relationship between WTP and the demand curve Mankiw points out that willingness to pay is closely related to the demand curve. The new law stipulates stringent regulatory requirements for researching, producing, distributing, and using vaccines. The high threat of COVID-19 perhaps overrides concerns about fake or faulty vaccines. The summary of key findings is shown in Box 1. https://doi.org/10.1371/journal.pntd.0008961.g004. 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]. 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]. 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. The curve which depicts the demand of the product on the graph is refers to as demand curve. 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. 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%). Centre for Epidemiology and Evidence-Based Practice, Department of Social and Preventive Medicine, Faculty of Medicine, University of Malaya, Kuala Lumpur, Malaysia. The model fit of multivariable logistic regression analysis was assessed using the Hosmer-Lemeshow goodness-of-fit test [20]. Funding acquisition, 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]. Promotional messages framing the benefit of vaccination and concerns about new vaccine safety to enhance vaccine uptake is warranted. The new law also imposes tough penalties for violating regulations on the production and sales of vaccines [35]. Another limitation of the study is the bias associated with the assessment of acceptance and WTP for a hypothetical COVID-19 vaccine before the final product exists [38]. on a four-point scale (‘definitely not’ to ‘definitely yes’). 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]. The willingness to pay is the maximum amount of money a consumer would sacrifice in exchange for a product or service. The way a willingness to pay (WTP) study works is that respondent are asked if they would pay more, either a specific amount, or as a percentage of their current water bill. Our experts can answer your tough homework and study questions. Sciences, Culinary Arts and Personal Investigation, High responses from Hubei and Guanhzhou provinces in this study correspond to the high number of confirmed cases in these provinces. A total of 3,541 complete responses were received. The WTP findings from this study could serve as a useful reference in directing China’s future vaccine pricing and procurement systems. No, Is the Subject Area "Vaccine development" applicable to this article? In general, the willingness to pay a price premium decreases as the price premium increases, consistent with the law of demand. Study Area . Considering that there will be vaccines developed by Chinese manufacturers as well as from other countries, there have been concerns that the public in China is more inclined to choose a foreign-made vaccine over vaccines produced in China [16]. State Key Laboratory of Molecular Vaccinology and Molecular Diagnostics, National Institute of Diagnostics and Vaccine Development in Infectious Diseases, School of Public Health, Xiamen University, Xiamen, Fujian, China, Roles 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]. 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. Perceived benefits and barriers to vaccination (namely vaccine … No, Is the Subject Area "Professions" applicable to this article? Now, both the terminologies, buyer's willingness to pay and consumer surplus, falls under the demand curve. 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. Supervision, PLoS Negl Trop Dis 14(12): By occupational category, a significantly higher proportion that expressed a definite intent to vaccination included people who in a service occupation (35.6%) or who were self-employed (32.7%). Respondents were informed that their participation was voluntary, and consent was implied on the completion of the questionnaire. Willingness to pay (WTP) is the maximum amount a customer is willing to pay for your product or service. This is in contrast to willingness to pay (WTP), which is the maximum amount of money a consumer (a buyer) is willing to sacrifice to purchase a good/service or avoid something undesirable. In a supply/demand diagram, discuss using your own answer from the notes and … HBM-derived items were used to measure the participants’ perception of COVID-19 and COVID-19 vaccination [17,18]. Conceptualization, 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. Writing – review & editing, Affiliation The study was conducted after China had declared that the coronavirus outbreak was largely under control. Fig 2 shows the proportion of responses for intention to receive a COVID-19 vaccine. Thus, the consumer surplus and buyer's willingness to pay are related to each other in this sense. To illustrate, we estimate the impacts of the World Trade Organization's Trade Facilitation Agreement (TFA). https://doi.org/10.1371/journal.pntd.0008961.t003. Writing – review & editing, Affiliations No, Is the Subject Area "Viral vaccines" applicable to this article? Yes If the demand flexibility is low, then the consumer may be willing to pay a higher price. JAAA 12 (2001), 383-389. The Consumer surplus is just willingness minus amount the buyer actually pays. 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]. External cues to action were found to be important, namely the provision of comprehensive information about the vaccine when it is available. 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. Fig 4 shows the findings on the confidence of domestic and foreign-made COVID-19 vaccines. Of notable importance, our data represent a low level of perceived susceptibility of COVID-19 among the study population, thus warranting public enlightenment in terms of not underestimating the possibility of outbreak resurgence, although the country has successfully flattened the infection curve. Furthermore, the responses were based on self-report and may be subject to self-reporting bias and a tendency to report socially desirable responses. willingness to pay for solid waste collection among semi rural-urban communities. The median (interquartile range [IQR]) of WTP for COVID-19 vaccine was CNY¥200/US$28 (IQR CNY¥100–500/USD$14–72). 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. Writing – review & editing, * E-mail: yulanlin@fjmu.edu.cn (YL); huzhijian@fjmu.edu.cn (ZH); wonglp@ummc.edu.my (LPW), Affiliation 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 … A significant positive moderating effect of income level on the relationship perceived susceptibility and WTP was found (β = 3.007, p = 0.045). Economists refer to WTP as the reservation price (Monroe, 1990). 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. 1. https://doi.org/10.1371/journal.pntd.0008961.s001. Concerns about safety (72.6%) and efficacy (71.2%) were also notable. A p-value of less than 0.05 was considered statistically significant. High perceptions of the benefits of COVID-19 vaccination were reported. China has experienced various negative events associated with vaccine malpractices and scandals that have resulted in public lost confidence in vaccines [31], which perhaps is also implicated in this study as a considerable proportion reported concerns regarding the possibility of fake or faulty COVID-19 vaccines. Health promotion is warranted when the COVID-19 vaccine is available because, among those who expressed intention to be vaccinated, over half expressed probable intention. Department of Epidemiology and Health Statistics, School of Public Health, Fujian Medical University, Fuzhou, Fujian, China, This study examined the applicability of the HBM to investigate the intention to receive the COVID-19 vaccine and WTP. - Definition, Theory, Formula & Example, Returns to Scale in Economics: Definition & Examples, Demand in Economics: Definition & Concept, Competitive Market: Definition, Characteristics & Examples, The Cobb Douglas Production Function: Definition, Formula & Example, Perfect Competition: Definition, Characteristics & Examples, Market Equilibrium in Economics: Definition & Examples, What is an Economic Model? 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. The participants were informed that their participation was voluntary, and consent was implied through their completion of the questionnaire. Perceived benefits and barriers to vaccination (namely vaccine efficacy and adverse event concerns) of the health belief model constructs were significant predictors of COVID-19 vaccination intent. 64.2% reported a preference for a domestically-made over foreign-made COVID-19 vaccine. Willingness to pay (WTP) has been defined as the maximum amount of money a customer is willing to spend for a product or service (Cameron and James, 1987; Krishna, 1991). 2020Y0005; YL); Fujian Medical University's Rapid Response Funding Call for COVID-19 Related Research (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]. The survey was conducted from 1–19 May 2020. A basic finding is that income tends toinfluence willingness to pay positively andsignificantly. Writing – review & editing, Affiliation Participants who perceived their overall health as very good were the highest proportion (34.8%) with a definite intention to vaccinate. - 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 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 efficacy and adverse events related to a new COVID-19 vaccine, are most crucial. The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript. Intention to be vaccinated against an infectious disease is recognized as a foremost issue affecting the success of vaccination programs. The health belief model (HBM) was used as a theoretical framework for understanding COVID-19 vaccination intent and WTP. A total of 23.9% (95%CI 22.5 to 25.4) reported no preference. 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). The great majority had a college degree (64.8%) compared to secondary school and below (35.2%). The questions probed perceived susceptibility to COVID-19 (three items), perceived severity of COVID-19 (three items), perceived benefits of a COVID-19 vaccine (two items), perceived barriers to getting a vaccination against COVID-19 (five items) and cues to action (two items). The preference for domestically-made over foreign-made COVID-19 vaccines indicates that a future COVID-19 vaccine developed by domestic companies will receive a favourable response from the public in China.The findings of this study provide useful guidance for tailored interventions to enhance the acceptance of a new COVID-19 vaccine once it is available. Yes The consumer's need for a particular product is demand. Project administration, Therefore, demand can be defined as a desire supported by an ability to pay and willingness to pay for goods within a given period. 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. HBM constructs have been recognized as an important predictor of influenza vaccination uptake in previous studies [6–8]. 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