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"The government must take control of vaccine development"

Prof. Ockenfels in the Handelsblatt interview

Prof. Dr. Axel Ockenfels

In the corona pandemic, the market mechanism does not manage to direct potential vaccines to where they are most urgently needed. This is pointed out by the Cologne behavioural economist Axel Ockenfels, member of WiSo-Faculty’s Key Research Initiative „Behavioral Management Science“ and ECONtribute, Germany’s only economic Excellence Cluster.  "In emergencies there may be ethical and economic reasons to protect end users from major price shocks," Ockenfels says in an interview with Handelsblatt.

He therefore proposes that the vaccines be distributed under the supervision of the state using algorithms. This would also help to prevent the hoarding of vaccines. "However, coordination must go beyond this if the classic price mechanism is suspended in emergencies," Ockenfels

At the same time, the renowned economist opposes the growing nationalism in the Corona crisis. He says that cooperation across larger regions would be helpful.

Read the complete interview in Handelsblatt.