Question

Incentives

Economics is about how people (or governments, firms, etc) make choices under uncertainty. We assume that people are rational, meaning that when they make decisions, they weigh the costs and benefits of the different choices, and then choose whatever will make them better off. Incentives are a reward or punishment. Combined with our rational actor, incentives give us a framework for trying to influence behavior. If we want people to drive more slowly in a school zone, we can change the costs of speeding or the benefits of driving slowly. Fines and cameras are (negative) incentives to get people to slow down. If we want people to stay at home during a pandemic, we just need to change the incentives. We are seeing this happen in real-time: some localities are arresting or fining people that ignore the stay at home order, raising the cost of leaving the house for an approved reason. Other approaches have tried to encourage people to stay home by increasing the benefit. For example, HBO has made many of their old shows available free online to encourage people to stay home (If you haven't seen them Silicon Valley and Barry are both highly recommended)

Incentives and Vaccines

We desperately need a vaccine if we are ever going to return to anything resembling normal life. So how can we use what we know about incentives to encourage people to develop new ideas like a vaccine? Watch the following video and then write a paragraph (or so) about incentives and vaccines.

Answer 1

Encouraging people to develop new vaccine is an uphill task and hence government must annoujce special incubators centres to boost financial aid in creating vaccine and technical support.

Awarding scholarships and permissions to start new vaccine trials and finnacing medical and pharmaceutical colleges is another route to boost output.

Encouraging and motivating collaboration with foreign peers and at same time fast tracking the approval pipeline for clinical trials and key formalities will bring vaccination much faster than anticipated.

PLEASE UPVOTE INCASE YOU LIKED THE ANSWER WILL BE ENCOURAGING FOR US THANKYOU VERY MUCH ALL THE BEST IN FUTURE