Designing Advanced Market Commitments for New Vaccines∗
نویسندگان
چکیده
We analyze alternative designs for Advanced Market Commitment (AMC) programs to stimulate the development of new vaccine markets. We show that the initial mechanism proposed for these programs provides inefficient investment incentives, but a small modification that ties subsidies to committed supply increases efficiency. We also analyze the role of price ceilings, supplier competition and the effect of competing demand. We use our basic model to discuss the recent pilot AMC targeted at pneumococcus vaccine. Very preliminary notes: Not for circulation
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