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Risk aversion and COVID-19 vaccine hesitancy
Anthony Lepinteur1, Liyousew G Borga2, Andrew E Clark1,3
1Department of Behavioural and Cognitive Sciences, University of Luxembourg, Esch-sur-Alzette, Luxembourg.
Health Economics
|May 5, 2023
Summary
Risk aversion reduces COVID-19 vaccine hesitancy. Individuals perceiving greater risk from infection than vaccination are more likely to get vaccinated, according to large-scale European data.
Area of Science:
- Public Health
- Behavioral Economics
- Epidemiology
Background:
- COVID-19 vaccine hesitancy remains a significant public health challenge.
- Understanding the psychological factors influencing vaccine decisions is crucial for effective public health strategies.
Purpose of the Study:
- To investigate the relationship between risk aversion and COVID-19 vaccine hesitancy.
- To determine how individuals' perception of risk associated with infection versus vaccination influences their uptake of COVID-19 vaccines.
Main Methods:
- Analysis of large-scale survey data from five European countries.
- Statistical modeling to assess the correlation between risk aversion levels and vaccine hesitancy.
Main Results:
- Vaccine hesitancy significantly decreases as individuals' risk aversion increases.
- Findings suggest that individuals with higher risk aversion perceive the risks of COVID-19 infection as greater than the risks associated with vaccination.
Conclusions:
- Risk aversion is a key factor in mitigating COVID-19 vaccine hesitancy.
- Public health messaging can be tailored to leverage risk perception, emphasizing the comparative risks of infection over vaccination.
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