@article{THESIS,
      recid = {3826},
      author = {Labasi-Sammartino, William},
      title = {Measuring the full effect of COVID-19 vaccines},
      publisher = {University of Chicago},
      school = {M.A.},
      address = {2022-06},
      number = {THESIS},
      abstract = {After the COVID-19 pandemic upended the world’s daily life  in March 2020, research scientists and biotechnology firms  raced to develop an efficacious vaccine. This paper aims to  quantify the full value effect of these vaccines on social  surplus by estimating the impact of key events in their  development on asset prices and measuring the prior market  belief of such events occurring using call options. I find  there was considerable uncertainty regarding the  development of these vaccines. A conservative lower bound  on the total market value is around $2.98 trillion.  Pharmaceutical and biotechnology firms involved capture an  extremely small portion of market returns, demonstrating  the important positive externalities of mRNA COVID-19  vaccines. },
      url = {http://knowledge.uchicago.edu/record/3826},
      doi = {https://doi.org/10.6082/uchicago.3826},
}