How do the framing effects, environmental factors and personal risk perceptions influence our decision about a hypothetical COVID-19 pill?

Abstract

This study investigates the willingness to pay for the real COVID-19 vaccine and the framing effect for a hypothetical COVID-19 pill. The way how a message concerning a risky situation is formulated impacts decisions. However, personal characteristics, like attitude to risk, also strongly impact this decision. In this study, risk attitudes are measured with the DOSPERT Scale. As many studies proved, the intention to be vaccinated is not just related to risk preferences, but also strongly influenced by socioemotional factors. The extent to which friends and relatives are vaccinated in our social circles as well as the concern for both others and for ourselves influence this decision. Using an online survey, personal pricing and acceptance of both real and hypothetical COVID-19 medicines were studied. The results of the descriptive and inference statistics concerning how the message frame impacts pricing are ambiguous, but the significant effects of environmental and individual factors are confirmed.

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