A Quick Lesson on the Power of Incentives
Incentives can be powerful things, prodding the smallest child or the biggest government bureaucracy to act in a certain way.
It’s no wonder, then, that some companies are creating incentives for people to get a coronavirus vaccine. Vaccinated people are good for business, so business is trying to convince more people to get vaccinated – using incentives. Some of the more inventive include:
Krispy Kreme Doughnuts is offering anyone with proof of a Covid vaccination a free doughnut a day for the rest of the year.
In Cleveland, Chagrin Cinemas is giving out free popcorn through the end of April to moviegoers with a vaccination card and Market Garden Brewery is offering 10-cent beers to the first 2021 adults who bring their completed card.
The Greenhouse of Walled Lake, a marijuana dispensary in Walled Lake, Michigan, is giving anyone over the age of 21 with proof of vaccination a free pre-rolled joint. The “Pot for Shots” promotion is a “way of saying thank you for helping to end this pandemic and getting us back to normal,” the dispensary said.
Some governments are getting in on the incentive action, too:
West Virginia committed to giving those aged 16 to 35 who get the vaccine $100 in savings bonds to boost the state’s vaccination numbers. Gov. Jim Justice (R) reported on Monday that 52 percent of the eligible state population has received at least one dose and noted the cost would be “so minuscule” compared with what the state has spent and keeps spending on the pandemic.
Connecticut plans to take a different approach in launching its #CTDrinksOnUs campaign, through which vaccine recipients will be eligible for one free drink with the purchase of food between May 19 and 31 at participating locations.
The possibilities are endless and the underlying economic lesson is powerful: incentives are powerful. Incentives matter.