A new GLO Discussion Paper investigating the optimal control of an epidemic of a Susceptible-Infective-Removed-Susceptible (SIRS) infection, where social distancing is the only control action in a first stage, whereas a combination of social distancing and vaccination is available in a second stage.
GLO Discussion Paper No. 1263, 2023
A parsimonious model of optimal social distancing and vaccination during an outbreak – Download PDF
by Gori, Luca & Manfredi, Piero & Marsiglio, Simone & Sodini, Mauro
Author Abstract: Motivated by the complicated control issues of COVID-19, this article aims at investigating the optimal control of an epidemic of a Susceptible-Infective-Removed-Susceptible (SIRS) infection, where social distancing is the only control action in a first stage, whereas a combination of social distancing and vaccination is available in a second stage. The resulting two-control optimal problem is set within a parsimonious economic framework in which a social planner minimises an objective function weighting epidemiological and economic costs by choosing the strength of social distancing in the first stage and both social distancing and the extent of an income tax to finance vaccination in the second stage. The article shows (i) how to mix social distancing and vaccination depending on the planner’s degree of rationality; (ii) the importance of the planner’s expectation about the date of vaccine arrival, and how the actual effi cacy of the vaccine against the infection can affect the optimal social distancing policy in the pre-vaccination period, and (iii) the use of the social distancing instrument as the only optimal control under vaccine rationing.
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Vol. 36, Issue 3, July 2023: Journal of Population Economics (JOPE) 26 articles on: Aspirations and preferences; Environment, Weather, Climate; Family; Fertility; Historical demography; Ageing, pensions, social security; Migration
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GLO Discussion Papers are research and policy papers of the GLO Network which are widely circulated to encourage discussion. Provided in cooperation with EconStor, a service of the ZBW – Leibniz Information Centre for Economics, GLO Discussion Papers are among others listed in RePEc (see IDEAS, EconPapers). Complete list of all GLO DPs – downloadable for free.
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