scholarly journals Vaccination with vector type vaccines – is it worth the risk?

2021 ◽  
Vol 9 (6) ◽  
Author(s):  
Ben Ale ◽  
David Slater ◽  
Des Hartford

COVID-19 has the potential to re-frame the whole debate about individual and societal risk, risk balancing, benefit-cost analysis, individual rights, societal responsibilities of individuals and responsibilities of Governments within the overall context that there are limits to what can be achieved in particular instances, and in totality across society. There has been considerable discussion and debate globally about the real and perceived risks of having a vaccination against COVID-19. This might be interpreted as having contributed to the uncertainty in the vaccine debate and contributed to doubt and even erosion of trust in some of the population. Some of this has been due to an understandable demand for immediate answers, before the necessary and detailed data were available and verified. The recent publication of unexpected negative side effects from the Astra Zeneca version of the vector-type vaccine, “vaccine induced prothrombotic immune thrombocytopenia” (VIPIT), has been the latest complicating development, which has caused further concerns, uncertainties and confusion. The risk figures that Governments use are derived from whole population data and processed to give a smeared out average “societal” risk. But to the individuals having to make the choice, these figures may, or may not, be relevant. The corresponding societal estimate of an individual’s chance of being stuck by lightning is the well-known 1 in a million. But individuals know intuitively that for someone who never goes out in bad weather, this is way too high. Conversely someone who goes out to fly a kite in a thunderstorm has an almost certain chance of being fried. In this paper we discuss the current arguments put forward, which accept the 1 in a 100,000 as acceptable collateral damage for societal exposure. It then contrasts them against the numbers that could be derived, if it is approached from the point of view of a particular individual’s risk benefit calculations. Subsequently we discuss how communication and information by policy makers and media may influence the decisions of individuals to have or not have themselves vaccinated. While the current debate about vaccinations provides data and the central focus of this paper, the issue is a general matter, it is symptomatic of a much wider risk question which the vaccine debate has brought into focus; and not just for other vaccines and medical interventions.

1967 ◽  
Vol 7 (3) ◽  
pp. 416-420
Author(s):  
Arthur MacEwan

These books are numbers 4 and 5, respectively, in the series "Studies in the Economic Development of India". The two books are interesting complements to one another, both being concerned with the analysis of projects within national plan formulation. However, they treat different sorts of problems and do so on very different levels. Marglin's Public Investment Criteria is a short treatise on the problems of cost-benefit analysis in an Indian type economy, i.e., a mixed economy in which the government accepts a large planning responsibility. The book, which is wholely theoretical, explains the many criteria needed for evaluation of projects. The work is aimed at beginning students and government officials with some training in economics. It is a clear and interesting "introduction to the special branch of economics that concerns itself with systematic analysis of investment alternatives from the point of view of a government".


2000 ◽  
Vol 22 (2) ◽  
pp. 205 ◽  
Author(s):  
J Rolfe ◽  
R Blamey ◽  
J Bennett

Tree clearing to improve pasture production for beef cattle is becoming more commonplace in the rangeland zone in Queensland. In parts of the Desert Uplands region of Central Queensland, current clearing rates are among the highest in Australia. The state government, in granting permits for clearing, has to balance the improved production benefits, accruing mostly to pastoralists, against the biodiversity losses, which are borne more widely by Australian society. In the current debate over clearing restrictions, little information exists about the values that society may hold for the preservation of rangelands. To address this deficiency, a choice modelling study was undertaken to provide estimates of the benefits of retaining remnant vegetation that are appropriate for inclusion in a benefit cost analysis of tighter clearing restrictions. Attributes included in the choice model were reductions in the population size of non-threatened species and unique ecosystems, the number of endangered species lost to the region, and changes in regional income and employment. The benefits estimated for individual attributes, and for some more restrictive policy settings are reported. Key words: remnant native vegetation, economic valuation, grazing industry, pasture development, choice modelling


2021 ◽  
pp. 1-17
Author(s):  
Daniel Acland

Abstract Benefit-cost analysis (BCA) is typically defined as an implementation of the potential Pareto criterion, which requires inclusion of any impact for which individuals have willingness to pay (WTP). This definition is incompatible with the exclusion of impacts such as rights and distributional concerns, for which individuals do have WTP. I propose a new definition: BCA should include only impacts for which consumer sovereignty should govern. This is because WTP implicitly preserves consumer sovereignty, and is thus only appropriate for ‘sovereignty-warranting’ impacts. I compare the high cost of including non-sovereignty-warranting impacts to the relatively low cost of excluding sovereignty-warranting impacts.


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