K@W: Why Incentives Won’t Raise COVID-19 Vaccination Rates

Wharton’s Iwan Barankay and Penn Medicine Center for Health Care Innovation’s executive director Dr. David Asch talks with Wharton Business Daily on SiruisXM about why offering incentives won’t increase COVID-19 vaccination rates. In West Virginia, Gov. Jim Justice is offering $100 savings bonds to young people who get the shot. Not to be outdone, Ohio Gov. Mike DeWine is offering fully vaccinated residents a chance at a $1 million lottery and full college scholarships. The gimmicks certainly get attention, but will they work to get more shots in arms? The short answer is no, according to Wharton management professor Iwan Barankay. Dr. David Asch said while financial incentives work in some instances — like quitting smoking — they may backfire with the COVID-19 vaccine. “Someone who has a lot of distrust of the vaccine might think, ‘They’d never offer money if this was a good thing,’” he said in an interview with the Association of American Medical Colleges. Read more at Knowledge @Wharton.