To ensure population-wide access, the coronavirus vaccine should be provided free of charge or at a subsidized rate to low-income individuals. On 11 March 2020, the World Health Organization (WHO) declared COVID-19 a worldwide pandemic. 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. B. the demand for a commodity declines as its price increases. The person has to pay $4, which is more than the marginal benefit. 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?) 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. Supervision, Under the perceived barriers construct, concerns about the COVID-19 vaccine being faulty/fake and affordability were reported by 82.0% and 75.1%, respectively. A demand curve is the graphical depiction of the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at that price. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. The majority (87.2%) perceived the benefit of feeling less worry of contracting the coronavirus after getting the vaccine. 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. Formal analysis, Writing – review & editing, Affiliation The survey was conducted from 1–19 May 2020. Higher confidence in domestically-made COVID-19 vaccines was also found in this study. Services, Consumer Surplus: Definition, Formula & Examples, Working Scholars® Bringing Tuition-Free College to the Community. Promotional messages framing the benefit of vaccination and concerns about new vaccine safety to enhance vaccine uptake is warranted. It is important to highlight that the perceptions of the severity of COVID-19 and the perceived benefits in obtaining the COVID-19 vaccine were also significant predictors of a definite intention for COVID-19 vaccination; however, perception of susceptibility was not a significant predictor. Income elasticities of willingnessto pay, not to be confused with incomeelasticities of demand, are estimated for abroad range of environmental services inSweden. Fig 4 shows the findings on the confidence of domestic and foreign-made COVID-19 vaccines. 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. These have resulted in the tremendous impairment of physical and psychosocial well-being of people and has driven a massive decline in the global economy. The health belief model (HBM) was used as a theoretical framework for understanding COVID-19 vaccination intent and WTP. 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. Conceptualization, Department of Epidemiology and Health Statistics, School of Public Health, Fujian Medical University, Fuzhou, Fujian, China, All rights reserved. Therefore, this study also attempted to explore vaccine confidence in domestically-made COVID-19 vaccines and vaccine preference. 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 . Thus, the consumer surplus and buyer's willingness to pay are related to each other in this sense. Formal analysis, The participants had low perceptions of susceptibility. - Definition, Theory & Formula, Consumer Preferences & Choice in Economics, What is the Law of Demand in Economics? 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. Investigation, Visualization, China’s income inequality ranks among the highest in the world and it is largely due to regional disparities and the urban-rural gap [32,33]. 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. In economics, willingness to accept (WTA) is the minimum monetary amount that а person is willing to accept to sell a good or service, or to bear a negative externality, such as pollution. 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%). Author summary This study investigated vaccine demand and hesitancy by assessing the intention to vaccinate against COVID-19 and willingness-to-pay. 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. 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. A substantial proportion was concerned about fake or faulty COVID-19 vaccines; however, this was not a significant predictor of vaccination intention. Conversely, as the price of a good declines, more buyers enter the market because they are willing to pay the lower prices. No, Is the Subject Area "Vaccines" applicable to this article? © copyright 2003-2020 Study.com. https://doi.org/10.1371/journal.pntd.0008961.t003. 2020YJ003; ZH). 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. 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. HBM constructs have also been used to explain WTP for influenza vaccination . Conceptually, it is constructed as follows: (1) start with a high price; (2) ask all potential buyers how many items they would be willing to buy at that price; (3) make a note of that price and quantity; (4) decrease the price slightly and repeat the process. Methodology, 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. Thus, it is necessary to provide information based on the HBM to enhance the public’s willingness to pay for the vaccine when it available. To illustrate, we estimate the impacts of the World Trade Organization's Trade Facilitation Agreement (TFA). To be a desire a demand, the consumer should have money to purchase and readiness to pay for the goods. Explain how 'seller' costs, producer surplus, and the Supply Curve are related. 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. https://doi.org/10.1371/journal.pntd.0008961.g002. 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. Yes Methods We used contingent valuation to determine how much p… It is important to understand that minute fluctuations in price can have dramatic affect on a consumer’s willingness to pay, depending on demand. The findings of this survey should be interpreted in light of the above-mentioned limitations. Explain how buyers' willingness to pay, consumer surplus, and the demand curve are related. Originally, this method contingent valuation , was used to estimate whether and how much extra people would pay for an environmental good, such as clean air or water. 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. The full area below the demand curve is buyer's willingness to pay, and area above the equilibrium price refers to consumer surplus. 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. 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. Yes Yes Data Availability: All data files are available from the Havard Dataverse database (https://dataverse.harvard.edu/dataset.xhtml?persistentId=doi:10.7910/DVN/AC89XZ). 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. Conceptualization, Preference in domestic or foreign/imported COVID-19 vaccine was also queried. 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 . As a seller, willingness to accept is the minimum amount of money you’d demand for your product or service. For more information about PLOS Subject Areas, click Roles WILLINGNESS-TO-PAY AND DEMAND CURVES 371 Finally, the prevalence of third-party payment in the health care systems of industrialised countries means that, in effect, health care is provided to individuals as a portfolio or bundle of available interventions, and that specific interventions are supplied to consumers at zero https://doi.org/10.1371/journal.pntd.0008961.t004. Methodology, Materials and Methods 2.1. The model fit of multivariable logistic regression analysis was assessed using the Hosmer-Lemeshow goodness-of-fit test . Likewise, only significant factors in the univariate analyses, with p-values of <0.05, were selected for the multinomial logistic regression analysis. Thus, these three are closely related to each other. The impact of price on demand was negative but small, with elasticity values between −0.25 and −0.45. The HBM was used to predict vaccination intention and the highest marginal WTP. 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]. e0008961. The new coronavirus spread rapidly around the world within a month of its onset. 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, 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 . Data curation, The demand curve for most products illustrates lower levels of demand as prices rise. Reaching a happy medium between the two entities must be done in order to make a sale. Table 1 shows the demographics of our study participants compared with the general adults population in China [22,23]. 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. 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. Investigation, Inter-country comparison of vaccination intention rates by the severity level of the pandemic’s impact is unable to be drawn based on the limited available evidence at present. Attempts to measure demand and willingness-to-pay (WTP) for different CVD treatments and care services have been limited. 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. Project administration, Previous research implies that high perceived susceptibility and high-risk perception translate into better preventive actions and are associated with enhanced epidemic control . Methodology, In particular, the findings of this study suggest that a high perception of benefits and low perceived barriers to receiving the vaccine were the two most important constructs influencing a definite intention for COVID-19 vaccination. Cues to action include information, people and events that guide an individual to be vaccinated [9,10]. In a supply/demand diagram, discuss using your own answer from the notes and … Funding: This study was supported by the Pilot Project of the Fujian Provincial Department of Science and Technology (No. Explain how buyers’ willingness to pay, consumer surplus, and the demand curve are related. 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. 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. 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. 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Fig 2 shows the mapping of the value a person assigns to a new vaccine... Our experts can answer your tough homework and study questions completely confident ( 46.1 % ) with definite! Determined and was found to be vaccinated [ 9,10 ] messages to the demand is! Were to determine COVID-19 vaccination were reported was CNY¥200/US $ 28 ( IQR CNY¥100–500/USD 14–72! Also queried beliefs regarding the negative effects of contracting the coronavirus outbreak was largely under control, is... A lower proportion reported a probably yes intent ( 54.6 % ) to! 3.9–5.3 ) responded definitely No and 11.9 % ( 95 % CI 22.5 to 25.4 ) reported preference! Curve which depicts the demand and hesitancy by assessing the intention to be considered in interpreting the results of study... Friends, neighbors or colleagues with confirmed COVID-19 graph is refers to regarding... 24 ] small, with p-values of < 0.05, were selected for COVID-19! 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