The emergence of dozens of different coronavirus vaccines from different manufacturers has jeopardized the victory over the pandemic. Drug diversity provokes an economic phenomenon known as the “paradox of choice,” wrote Bloomberg columnist Peter Coy (Peter Coy).
He drew attention to the fact that the variety of drugs on the market is dangerous, because it makes the choice of one drug too difficult for a person. As a result, many people may abandon the idea of vaccination altogether.
According to standard economic theory, the broader a company’s product line, the better for sales. However, a study of consumer behavior in the United States in the early 2000s showed that the opposite is true.
Then, in one of the supermarkets in California, visitors were offered to try several types of jam and buy what they liked. One group of consumers was asked to rate six jams, another – 24. It turned out that in the first case, 30 percent of people who tried the products ended up making a purchase. In the second case, the number of buyers was only 3 percent.
“A wide range of products may seem very attractive to consumers at first glance, but in practice it reduces their motivation to buy” – stated in research results.
Choosing one coronavirus vaccine between Pfizer, Moderna, AstraZeneca and those in development will be more difficult than choosing between peach jam or kiwi jam, Coy said. People have fears of using the new drug despite its clinical trials.