1)Discuss Pertussis vaccine or Human papillomavirus vaccine as either a private or public healthcare good. 2)Explain...

1)Discuss Pertussis vaccine or Human papillomavirus vaccine as either a private or public healthcare good. 2)Explain the extent to which you think this example is a private good or a public good. Ground your analysis in the concepts like the presence or absence of externalities. 3)Discuss why this distinction is important. What are the economic or financial implications if this good is considered private vs. public?

Expert Solution

Private goods are considered as those goods for which the consumption is limited to only that individual who bought or purchase it. Public good on the other hand, is available to all the individuals that is it is non-excludable and non-rival.

1) In case of private goods, the consumption of one individual decreases the amount of good available with other individuals. Whereas, this does not happens in case of public good. The vaccinations can be considered as a public good to some extent as the vaccination provided to one individual will decrease the spread of disease to other individuals. All the individuals will get benefit from the eradication of the disease whereas the immunity that one individual will not have any effect on other individuals.

2) The vaccines provided to one individual generally create positive externality to other individuals in the society. But if the vaccines do not provide any externality to the individuals then that vaccine will be considered as a private good.

3) The difference between public good and private good is important to determine. There are some goods that are necessary to be provided as a public good hence it is important to find out which good can be ,made non-excludable and non-rival.

If vaccines are considered as private good then the positive externality will not be created to other individuals. On the other hand, if vaccines are considered as public good then it will have positive effect on other individuals.

Rahul Sunny answered 7 months ago

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