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Lee, Chang Hyeong
Stochastic Analysis & Simulation(SAS) Lab
Research Interests
  • Stochastic analysis/computation, epidemic modeling, biological system simulation

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The economic impact of COVID-19 interventions: A mathematical modeling approach

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Title
The economic impact of COVID-19 interventions: A mathematical modeling approach
Author
Kim, Jung EunChoi, HeejinChoi, YonginLee, Chang Hyeong
Issue Date
2022-09
Publisher
Frontiers Media S.A.
Citation
FRONTIERS IN PUBLIC HEALTH
Abstract
Prior to vaccination or drug treatment, non-pharmaceutical interventions were almost the only way to control the coronavirus disease 2019 (COVID-19) epidemic. After vaccines were developed, effective vaccination strategies became important. The prolonged COVID-19 pandemic has caused enormous economic losses worldwide. As such, it is necessary to estimate the economic effects of control policies, including non-pharmaceutical interventions and vaccination strategies. We estimated the costs associated with COVID-19 according to different vaccination rollout speeds and social distancing levels and investigated effective control strategies for cost minimization. Age-structured mathematical models were developed and used to study disease transmission epidemiology. Using these models, we estimated the actual costs due to COVID-19, considering costs associated with medical care, lost wages, death, vaccination, and gross domestic product (GDP) losses due to social distancing. The lower the social distancing (SD) level, the more important the vaccination rollout speed. SD level 1 was cost-effective under fast rollout speeds, but SD level 2 was more effective for slow rollout speeds. If the vaccine rollout rate is fast enough, even implementing SD level 1 will be cost effective and can control the number of critically ill patients and deaths. If social distancing is maintained at level 2 at the beginning and then relaxed when sufficient vaccinations have been administered, economic costs can be reduced while maintaining the number of patients with severe symptoms below the intensive care unit (ICU) capacity. Korea has wellequipped medical facilities and infrastructure for rapid vaccination, and the public's desire for vaccination is high. In this case, the speed of vaccine supply is an important factor in controlling the COVID-19 epidemic. If the speed of vaccination is fast, it is possible to maintain a low level of social distancing without a significant increase in the number of deaths and hospitalized patients with severe symptoms, and the corresponding costs can be reduced.
URI
https://scholarworks.unist.ac.kr/handle/201301/59265
URL
https://www.frontiersin.org/articles/10.3389/fpubh.2022.993745/full
DOI
10.3389/fpubh.2022.993745
ISSN
2296-2565
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