The paper presents an economic model to analyze an individual's decision about whether or not to be vaccinated against influenza. It shows that based upon objective parameters, the vaccination rate should be high. Yet, empirical findings indicate low vaccination rates. Therefore, we use the behavioral approach and subjective variables to explain the empirical findings. The subjective variables in the model include perceived infection probability, time preference, subjective costs of vaccination, perceived severity of illness and perceived vaccination effectiveness. A low vaccination rate has a negative externality on society. The paper discusses potential policies that can be applied to changing the situation.
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