Freebie Seekers or Desperate Buyers? An Analysis of Willingness to Pay for COVID-19 Vaccine in Türkiye

Abstract

The aim of the study is to determine the level of price that individuals living in Turkiye are willing to pay (WTP) for a hypothetical COVID-19 vaccine. In addition, the study also aims to identify the socioeconomic factors affecting that level of WTP. The data is collected via a virtually applied questionnaire. Probit estimations are employed to determine the level of price that is willing to be paid. Further, the socioeconomic factors affecting the revealed WTP level are identified with an ordered-probit estimation strategy. The average price level that the participants are willing to pay for two doses of a hypothetical COVID-19 vaccine which immunes for 12 months is ₺316.93 ($42.66). Higher education groups, public employees, married people, and urban individuals are more likely to pay at higher price levels of hypothetical COVID-19 vaccine. Interestingly, the individuals living with a pregnant woman or a baby, the ones who experienced severe COVID-19 disease and the ones who already decided to be vaccinated are more likely to pay at relatively low-price levels. This study may contribute to broader literature as it will provide evidence from Turkiye for international comparisons.