Estimating Individuals’ Willingness to Pay to Avoid Corona Disease’s Social Consequences

Document Type : Research Paper

Authors

Faculty of Economics, Tarbiat Modares University, Tehran, Iran

10.22059/ier.2024.345270.1007491

Abstract

The widespread occurrence of COVID-19 disease has posed a threat to the mental and physical well-being of people living in communities, and its quick expansion has had a significant impact on interpersonal, familial, and social ties. Although it has received less notice, this issue is also evident in Iran. This study’s objective was to estimate the economic value of a few chosen societal effects of the coronavirus pandemic using a choice experiment methodology. A mixed logit model was applied in this investigation. 384 citizens of Tehran who responded to a questionnaire and participated in a field survey in 2021 provided the necessary information. Various degrees of income, education, age, the number of children, and awareness of the societal consequences of the disease were found to be influencing factors in this study. The findings of the calculated model demonstrated that the features of unemployment, family problems, and mental illness, in that order, are associated with the greatest willingness to pay.

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Iranian Economic Review
Volume 28, Issue 2
June 2024
Pages 680-694

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