The optimal allocation of Covid-19 vaccines

We develop a simple model of vaccine prioritization for a potential pandemic. We illustrate how the model applies to the case of Covid-19, using an early 2020 primitive estimate of occupation-based exposure risks and age-based infection fatality rates. Even based on primitive estimates the vaccine distribution strongly emphasizes age-based mortality risk rather than occupation-based exposure risk. Among others, our result suggests that 50-year-old food-processing workers and 60-year-old financial advisors should have been equally prioritized. We also find that the priorities minimally change when certain populations' exposure risks are altered by targeted stay-at-home orders or call-up of essential workers.