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Would the affected communities voluntarily obtain herd immunity if a cure for COVID-19 was available? This paper experimentally investigates people’s vaccination choices in the context of a nonlinear public good game. A “vaccination game” is defined in which costly commitments (vaccination) are required of a fraction of the population to reach the critical màn chơi needed for herd immunity, without which defectors are punished by the natural contagion of epidemics. Our experimental implementation of a vaccination game in a controlled laboratory setting reveals that endogenous epidemic punishment is a credible threat, resulting in voluntary vaccination to lớn obtain herd immunity, for which the orthodox principle of positive sầu externalities fails khổng lồ tài khoản. The concave sầu nature of the infection probability plays a key role in facilitating the elimination of an epidemic.

**Citation: **Lyên W, Zhang Phường (2020) Herd immunity và a vaccination game: An experimental study. dramrajani.com ONE 15(5): e0232652. https://doi.org/10.1371/journal.pone.0232652

**Editor: **Valerio Capraro, Middlesex University, UNITED KINGDOM

**Received: **March 11, 2020; **Accepted: **April 20, 2020; **Published: ** May 14, 2020

**Data Availability: **All relevant data are within the paper và its Supporting Information files.

**Funding: **This study is supported by a grant from the Retìm kiếm Grants Council of Hong Kong (Grant No. GRF-16502015). NO.

**Competing interests: ** The authors have declared that no competing interests exist.

Globally, infectious diseases are responsible for one-quarter of all deaths each year; even when infections do not kill, they reduce the quality of life of the hundreds of millions of people affected <1>. Recent outbreaks, such as SARS in 2003, Ebola in năm trước, MERS in năm ngoái & currently COVID-19, have forced citizens around the world khổng lồ confront and reconsider the high social and economic costs of epidemic control. The problem of epidemic control is of fundamental economic importance because disease and infection are irrefutably associated with uncertainty and externalities, which have sầu long been central concepts in economics. According lớn a WHO report <2>, behavioral changes at the community màn chơi are key lớn the prevention & elimination of epidemics, especially in low- và middle-income countries (see also <3> for an excellent recent Reviews on how social & behavioral science can insize behavioral changes to combat COVID-19). Understanding people’s choices for epidemic control thus has significant policy implications.

Our work builds critically on the nonlinear nature of vaccination externality, the foundation of which lies in a class of well-established epidemiological models-the susceptible-infected-recovered (SIR) framework. The SIR model, introduced by <4>, describes the transmission of infectious disease through individuals in a society with a fixed population that consists of three compartments: susceptible, infected, & recovered. <5> extended the mã sản phẩm khổng lồ incorporate vaccination with fixed timing and revealed that the long-run probability of infection exhibits an interesting property: it decreases concavely as vaccination coverage increases và eventually vanishes when a critical mass of the population obtains vaccinations. The minimum fraction of a population that must be vaccinated to lớn prsự kiện an outbreak is called “herd immunity.” The public good nature of herd immunity has a behavioral implication that miễn phí riders exist, as not all people need khổng lồ be vaccinated. The nonlinear public goods game, in which forward-looking individuals make vaccination choices lớn optimize their health assets khổng lồ guard against epidemics, with the steady-state probability of infection derived from the dynamic epidemic contagion mã sản phẩm of <5>, is in our formulation the “vaccination game.”

We experimentally explore how the nonlinear nature of this prevention externality affects the individuals’ vaccination choice problem. In our laboratory vaccination game there are eight individuals, each of whom independently và simultaneously decides whether lớn be vaccinated. Each subject faces a trade-off between the nonlinear probabilistic benefit of vaccination and the deterministic cost of vaccination, although vaccination behavior benefits society as a whole. For each individual, the benefit of being vaccinated monotonically and nonlinearly decreases with the number of other people being vaccinated. We explore various treatments that differ in the relative benefit of vaccination và the characteristics of the disease (the reproduction ratio).

Our experimental results of the controlled laboratory setting provide svào support for the major theoretical predictions. The experimental data help us reject the predictions from pure-strategy equilibria, and show that there is a strategic advantage from being unpredictable in immunization, which leads subjects to randomize in their vaccination choice. The (symmetric) mixed-strategy equilibrium predicts that an increase in the relative benefit of vaccination results in unambiguously higher vaccination coverage và, consequently, a higher likelihood of herd immunity. The mean vaccination coverage và the likelihood of herd immunity reported in our experimental data confirm that endogenous epidemic punishment is indeed a credible threat for voluntary vaccination, indicating that herd immunity can be achieved through voluntary, private vaccination.

The concave nature of the infection probability plays a key role in facilitating the elimination of an epidemic. To elaborate this point, we compare the concave sầu environment with a benchmark, linearized environment where a hypothetical linear approximation of the infection probability is adopted. Our theoretical analysis suggests that given any cost of vaccination & any type of disease, the equilibrium vaccination coverage under the concave infection probability always first-order stochastically dominates that under the linear infection probability. This happens precisely because under the concave infection probability, the vaccine uptake likelihood of any individual grows at a *higher marginal rate* with a decrease in vaccination cost. Our experimental data confirm this observation. Our finding suggests that policies targeting at a lower vaccination cost (e.g. fiscal subsidy, public health campaign & R&D) would be effective to achieve herd immunity via voluntary vaccination.

In our vaccination game, forward-looking individuals make vaccination choices to optimize their health assets to guard against epidemics. Each decision maker thus faces a trade-off between the probabilistic benefit of vaccination và the deterministic cost of vaccination, although vaccination behavior benefits society as a whole. <5> show that the probability of infection decreases concavely as vaccination coverage rises và eventually vanishes when a critical mass of the population obtains vaccinations. The concavity of epidemic externality has a natural interpretation from positive sầu network externality (see <6>; <7>). The minimum fraction of a population that must be vaccinated lớn prevent an outbreak is called herd immunity. The public good nature of herd immunity gives rise to lớn a strategic vaccination problem since individual vaccination choice affects others’ payoff through the endogenously determined probability of infection.

Consider a society with a finite mix of players

whose preferences satisfy the Von Neumann-Morgenstern axioms such that they maximize expected utility. Each player simultaneously & independently makes his vaccination choiceDefine *P**crit* as the vaccination coverage needed for herd immunity after which the entire population will be safe from an epidemic. Based on the well-established SIR Model in mathematical epidemiology (refer to, e.g., <4>; <8>) <5> shows that

Let *ν**crit* denote the smallest integer value above sầu *P**crit* *n*. For a given *P*, let *π**P* denote the long-run infection probability. Taken from the result in <5>, we assume that

For each player *i*, there are three possible health statuses *ex post*: susceptible (S), infected (I), & recovered (R). For any health status *θ* ∈ *S*, *I*, *R*, *u*(*θ*) denotes the instantaneous utility from the state *θ*. Assume that

For any player *i*, the expected utility of not vaccinating given a fixed strategy profile of other players *b*−*i* (và thus for a fixed vaccine coverage *P*) is as follows:

For any player *i*, the expected utility of vaccination for any *b*−*i* is

Let

be the relative sầu benefit of vaccination. We call the simultaneous-move game defined by the tuple the vaccination game .In this game, there is a strategic advantage from being unpredictable in immunization, which could lead individuals to randomize in taking vaccination. Consider why an individual would use a mixed strategy for the immunization choice in the simplest three-player setting when one of them has already been infected và the vaccination of only one susceptible individual suffices lớn obtain herd immunity in the society. If the other susceptible individual has not vaccinated for certain, an individual should protect himself/herself from infection unless the vaccination cost is unreasonably high; however, if the other individual is certain lớn vaccinate, an individual would choose khổng lồ không lấy phí ride. Therefore, there is a strategic advantage of being unpredictable.

The full characterization of Nash equilibrium outcomes is presented in S1 Appendix. In the appendix, we show that there exists three classes of equilibria: a spectrum of pure-strategy equilibria, a spectrum of partially mixing equilibria, & a unique totally mixing equilibrium where every player uses a mixed strategy. The asymmetry of the first two classes of equilibria is undesirable because they all arbitrarily require identical players lớn choose different strategies in a precisely coordinated manner. See <10> for a detailed discussion of this coordination issue. For the same reason, <11> focus on the symmetric mixed-strategy equilibrium in their experimental investigation of the volunteer’s dilemma. On the other hvà, the vaccination game has no asymmetric totally mixed-strategy Nash equilibrium. In the subsequent analysis, we thus focus on the quality totally mixed-strategy equilibrium. We shall see later if any of the asymmetric equilibria could explain the observed laboratory behavior well.

In this equilibrium, an increase in the relative benefit of vaccination results in an unambiguously higher vaccination coverage &, consequently, a higher likelihood of herd immunity. The proofs of these propositions can also be found in S1 Appendix. Assuming a linear khung of duration

&The concavity of the infection probability plays a key role in facilitating the elimination of an epidemic. To elaborate this point, we compare the concave sầu environment with a linearized environment where a hypothetical linear approximation of the infection probability is adopted. Our theory suggests that given any cost of vaccination và any type of disease, the equilibrium vaccination coverage under the concave sầu infection always first-order stochastically dominates that under the linear infection. This happens precisely because under the concave sầu infection, the vaccine uptake likelihood of any individual grows, at a *higher marginal rate*, with a decrease in vaccination cost.

The concavity of *π**P* implies that the vaccination uptake likelihood *σ** from the mixed-strategy Nash equilibrium is strictly increasing và *concave* in the relative benefit *r*, as illustrated in Fig 2. Fig 2 also presents the vaccination uptake likelihood based on

Our experimental implementation considers the following reduced form of the vaccination game. There are eight individuals in a society (i.e., *n* = 8), và they are ex ante identical. Each individual is initially endowed with *u*(*R*)/*μ* = 80. It is assumed that the duration of infection takes the functional khung

The major treatment variables correspond to lớn the relative sầu benefit of vaccination (*r*: relative benefit) và the basic reproduction ratio of the epidemic (*R*0: reproduction ratio). We choose parameter specifications with *r* = 1 or 5 and *R*0 = 2 or 4 khổng lồ create a qualitative difference in the vaccination coverage predicted by the symmetric mixed-strategy Nash equilibrium across treatments. Table 1 presents the four treatments, each of which involves a unique combination of the relative benefit and basic reproduction ratio as well as the equilibrium predictions. We also have sầu one more treatment (Treatment 3L) that incorporates the hypothetical linearized environment discussed in the previous section into the phối of parameters chosen for Treatment 3.

A unique feature of Treatment 1 is that the reproduction ratio *R*0 is large relative to lớn the relative sầu benefit *r*, indicating that the expected gain from vaccination is dominated by the expected cost. As a result, no vaccination is predicted. With the three other treatments, however, the individual probability of vaccination is positive in the mixed-strategy equilibrium, & the resulting vaccination coverage for the society reaches the critical màn chơi needed for herd immunity in more than 50% of cases. Thus, we have our first hypothesis as follows.

**Hypothesis 1**.

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We next consider whether the endogenous epidemic punishment is effective sầu. Given the reproduction ratio *R*0, the higher relative sầu benefit *r* in Treatment 2 (Treatment 4) than in Treatment 1 (Treatment 3) makes it more likely that an individual vaccinates, and thus, the society achieves herd immunity in Treatment 2 (Treatment 4) than in Treatment 1 (Treatment 3).

**Hypothesis 2** *Given a fixed reproduction ratio R*0,

We investigate the effect of the reproduction ratio on individuals’ vaccination choices. Given the relative sầu benefit *r*, the higher reproduction ratio *R*0 in Treatment 3 (Treatment 4) than in Treatment 1 (Treatment 2) makes it more likely for an individual to lớn take vaccination in Treatment 3 (Treatment 4) than in Treatment 1 (Treatment 2).

**Hypothesis 3** *Given a fixed relative benefit r*,

Notably, the predictions from the asymmetric pure-strategy Nash equilibria are invariant lớn the changes in the treatment variables. With every treatment, there exists a collection of asymmetric equilibria in which exactly *n*⋅*P**crit* players are vaccinated, & the remainder are not. As a result, the likelihood of herd immunity is expected lớn be 100% in all four treatments. Our experimental data are informative and enable us lớn reject this prediction from the asymmetric equilibria.

The experiments were approved by Human Participants Research Panel, Committee on Retìm kiếm Practices at the Hong Kong University of Science và Technology, và were conducted in English at the Experimental Lab using z-Tree <13>. All 16 sessions for the main treatments were conducted between November & December 2015 & 4 other sessions for the additional non-linear treatment were conducted between February and March 2017. A *between-subjects* design & *random-matching* protocol were used. Four sessions were conducted for each of the four treatments, & each session included twenty-four subjects. Using sessions as independent observation units, we have four observations for each treatment. A total of 384 subjects with no prior experience with our experiment were recruited from the undergraduate và graduate populations of the university và participated in 16 sessions. All participants were recruited via tin nhắn invitations with an online signup document. When they signed up for the experiments, they were asked khổng lồ read a written consent khung carefully & cliông chồng a button lớn grant their consent.

Upon arrival at the laboratory, subjects were instructed khổng lồ sit at separate computer terminals. Each participant was given a copy of the experiment instructions, which were read aloud và supplemented with slide illustrations. In each session, subjects first participated in one practice round và then in trăng tròn official rounds.

We illustrate the instructions for Treatment 1. The full instructions can be found in S2 Appendix. In each round, a subject was randomly matched with seven other participants khổng lồ size a group of eight. In each group, the eight members were asked to lớn make decisions that would affect their earnings in the round. The participants were randomly rematched after each round khổng lồ khung new groups.

We asked the subjects lớn imagine that these eight individuals in a group live in a village. Initially, every individual in the village begins with the same green status. There is a red circle that carries the source of redness, from which subjects want to protect themselves. Each individual independently & simultaneously decides whether khổng lồ buy the shield. The price of the shield is fixed at 5 experimental currency units (ECU). With the shield, a subject is immune khổng lồ redness & stays green; without the shield, a subject will either turn red or remain green, depending on how many other individuals in the village have the shield. Table 2 presents the probability of turning red.

The earnings in each round are determined by the ex post status of an individual & by whether he/she buys the shield. If the individual does not buy the shield but his/her status remains green, then he/she earns 80 ECU. If his/her status turns red, resulting in the loss of 8 ECU, his/her earnings are 80 − 8 = 72 ECU. If an individual buys the shield, he/she must pay 5 ECU, & his/her status stays green so that he/she earns 80 − 5 = 75 ECU.

We randomly selected one round to determine the subjects’ payments. A subject was paid the amount of ECU that he/she earned in the selected round at an exchange rate of 10 ECU = 1 HKD. A session lasted for approximately forty-five sầu minutes, và the subjects earned, on average, HK$109 (≈US$14), including a HK$30 show-up fee. Under Hong Kong’s currency board system, the HK dollar is pegged khổng lồ the US dollar at a rate of 1 USD = 7.8 HKD.

Fig 3 reports the mean vaccination coverage aggregated over all of the rounds for each session of each treatment và compares it with the threshold for herd immunity (represented by solid lines) & the theoretical prediction (represented by dashed lines) from the mixed-strategy Nash equilibrium (Nash prediction hereafter). The mean vaccination coverages in all four sessions in Treatment 1, as shown by Fig 3, were significantly less than the herd immunity level (*p* = 0.066, signed rank test) but significantly greater than the boundary Nash prediction (*p* = 0.066, signed rank test). However, this regularity of a higher actual contribution cấp độ than the Nash prediction has been well documented in the standard literature on public good games (e.g., Andreoni, 1995). Similarly, Fig 4 shows that the likelihood of herd immunity aggregated over all of the rounds for each session of each treatment is significantly greater than 0 in all four treatments (*p*

**Result 1** *In all of the treatments, the individual frequency of choosing vaccination và the likelihood of herd immunity are significantly greater than 0. Moreover, in all of the treatments, the likelihood of herd immunity is significantly less than 100%*.

The endogenous epidemic punishment is a credible threat, inviting voluntary vaccination to obtain the public good of herd immunity. Fig 4 shows that a higher relative sầu benefit led lớn a significant increase in the likelihood of herd immunity. The Mann-Whitney kiểm tra confirms that the likelihood of herd immunity was significantly higher in Treatment 2 than in Treatment 1 (*p* = 0.018) and higher in Treatment 4 than in Treatment 3 (*p* = 0.02). We also observed that a higher reproduction ratio led khổng lồ a significant increase in the likelihood of herd immunity. Again, the nonparametric Mann-Whitney kiểm tra confirmed that the likelihood of herd immunity was significantly higher in Treatment 3 than in Treatment 1 (*p* = 0.02) and higher in Treatment 4 than in Treatment 2 (*p* = 0.018), thus confirming our Hypotheses 2 & 3.

Fig 8(a) reported in S1 Fig plots the group-level time-trover data for the likelihood of herd immunity. The high volatility observed in Fig 8(a) stems from herd immunity generating a binary outcome, và the social cost was tightly associated with the realization of this outcome. Consistent with the Nash prediction, groups rarely contributed sufficiently khổng lồ achieve sầu herd immunity in Treatment 1, in sharp contrast to lớn the high frequencies of herd immunity achieved in Treatments 2 and 4. The likelihood of herd immunity was substantially higher than 0 in Treatment 3 (32.5%), also consistent with the theoretical prediction. We have the following results.

**Result 2** *Given a fixed reproduction ratio R*0, *the likelihood of herd immunity was higher in Treatment 2 than in Treatment 1 và higher in Treatment 4 than in Treatment 3. Given a fixed relative benefit r*, *the likelihood of herd immunity was higher in Treatment 3 than in Treatment 1 và higher in Treatment 4 than in Treatment 2*.

In this section, we provide experimental evidence for the role of concavity in enhancing the individual vaccination uptake likelihood và thus the likelihood of herd immunity. To investigate this issue, we considered a new, counterfactual treatment, Treatment 3L, a variant of Treatment 3 in which the probability of infection is linearized. ReĐiện thoại tư vấn that, in Treatment 3, the long-run probability of infection was nonlinear, as

. In Treatment 3L, we linearized it lớn be . chú ý that is chosen such that atThe theoretical prediction confirms our intuition và reveals that the linearized probability of infection decreases the equilibrium vaccination uptake likelihood *σ** and the likelihood of herd immunity *Pr*(*P* ≥ *P**crit*). Table 4 presents the parameter choices for Treatment 3L & the theoretical predictions, compared khổng lồ those of Treatment 3.

We conducted four sessions of Treatment 3L, và each session had 24 subjects. The same experimental procedure was used. A session lasted for approximately 45 minutes, & subjects earned, on average, HK$105.6 (≈US$13.5), including a HK$30 show-up fee.

Fig 5 reports the mean vaccination coverage from Treatment 3L. Confirming the theoretical prediction that the concavity of the long-run probability of infection facilitates individual vaccination uptake likelihood, the Mann-Whitney thử nghiệm revealed that the mean vaccination coverage was significantly higher in Treatment 3 than in Treatment 3L (*p* = 0.02).

Fig 6 shows that Treatment 3L is dominated by Treatment 3 with respect lớn the likelihood of herd immunity. Confirming the theoretical prediction that the concavity of the long-run probability of infection increases the likelihood of herd immunity, the Mann-Whitney chạy thử revealed that the likelihood of herd immunity was significantly higher in Treatment 3 than in Treatment 3L (*p* = 0.02). Similarly, Fig 8(c), presented in S2 Fig, shows the same dominance relationship between Treatments 3 và 3L. These results are summarized in the following proposition.

In this paper, we consider a laboratory vaccination game where subjects in a group of eight independently and simultaneously make immunization decisions. We obtain a novel result in the presence of nonlinear prevention externality: for each type of disease, there is a range of relative sầu benefit of vaccination such that epidemics can be eliminated through voluntary vaccination. In addition, our experimental kiến thiết allows us to separately identify the behavioral response khổng lồ the positive externality of vaccination (apart from the negative externality of infection).

Policies regarding epidemic control can be better informed by considering individuals’ strategic vaccination choices. Our findings are vital in predicting whether voluntary vaccinations can be an effective mechanism to lớn achieve the social optimum. From the social planner’s perspective, it implies that voluntary vaccination can approximate elimination of any disease if the relative sầu benefit of vaccination is large enough, i.e., when the individual benefit from vaccination is sufficiently larger than the individual’s utility cost of vaccination. A mandatory vaccination program is *not* necessary lớn achieve the social optimum, especially when the network externality is strong in the society and the nature of externality is concave sầu. The social planner’s well-defined policy goal should be khổng lồ increase the relative benefit. Several policy tools appears natural khổng lồ achieve this goal, such as a subsidy lớn decrease the cash cost of vaccination, a nationwide public vaccination chiến dịch to lớn lower the psychological cost of vaccination, và financial aid to encourage R&D activities khổng lồ minimize the side-effects of vaccines. Policy prescriptions, on the other hand, should also be interpreted with caution as in uncontrolled settings, many factors including framing, social norm và even emotion, can have salient effects on preventive sầu behavior (<3>).

Our findings contribute to the emerging literature on strategic vaccination (<14>, <15>, <16>). This literature relaxes the assumption that the risk of infection is invariant khổng lồ the vaccination coverage and pays particular attention to the strategic interplay of susceptible individuals. <14> showed the efficacy of the vaccine can switch the game from strategic complementarity khổng lồ subsitutability. <16> considered how the prevalence elastic strategy in a two-player dynamic game of vaccination can yield inefficiently low vaccination uptake. A prevalence elastic strategy is an action plan that is contingent on how many people are infectious over the course of an epidemic. It is usually employed in models featuring flexible timing of vaccination, where feedbaông chồng about the epidemic is available. As noted by <17>, the prevention externality, wherein the vaccination choice of an individual may reduce the likelihood that others are immunized, should be separated from the infection externality, as one’s own infection can increase the likelihood that others are infected. <15> focused on how group structure, in particular, homophily và assortative matching, affects immunization behavior. We advance this literature by showing how a nonlinear externality affects vaccination decisions và demonstrating the key role of concavity in facilitating the elimination of epidemic by voluntary vaccination.

In the economics literature, nonlinear public good games have sầu been studied primarily khổng lồ kiểm tra the robustness of the typical over-contribution result observed in the standard linear public good games. Several papers, such as <18>, <19> and <20>, show that the over-contribution results are persistent in the nonlinear settings with interior Nash equilibria. <21> explore how robust the over-contribution results are lớn changes in the information describing the payoff structure. They show that, although experimental subjects continue to allocate more resources than the Nash prediction, providing participants with detailed descriptions of the declining marginal benefit to lớn the public good leads to a significant decrease in the provision of public goods. In a recent contribution, <22> study behavior in linear và nonlinear social dilemma games with costly punishment opportunities và demonstrate that the impact of punishment is weaker & takes longer to lớn be effective in a nonlinear environment.

Nonlinear public good games have been also investigated in the context of comtháng pool resources (e.g., <23>; <24>) and of the volunteer’s dilemma (e.g., <25>; <26>; <11>). In the volunteer’s dilemma initiated by <25>, only a single volunteer’s costly commitment khổng lồ provide a public benefit is required, & a symmetric equilibrium usually involves mixed strategies. In fact, <26> classify the volunteer’s dilemma as a special case of a threshold public good, where the critical màn chơi requires a fraction of the population. <27> further generalizes threshold public good games khổng lồ a class of social dilemmas parametrized by the marginal return of cooperation, and studies an experimental setting where the benefit of cooperation increases linearly up to the threshold & then plateaus. While their focus is on group form size effect, we instead fix the group kích cỡ & vary the curvature & the threshold. Our experiment provides novel và complementary evidence that the convexity of the benefit function further improves contribution over its linear counterpart. Moreover, a standard provision point discrete public good game (see <28>) usually exhibits multiple equilibria in pure strategies, và mixing is usually not a concern. To the best of our knowledge, the vaccination game is the first to consider lớn mixed-strategy Nash equilibria in nonlinear threshold public good games.

For future work, it would be interesting to explicitly consider the timing of vaccination in the experimental setting. In some instances people receive sầu regular feedbaông xã about the number of infected people và the proportion of vaccinated individuals in society, such that from time to lớn time, people update their beliefs before making their vaccination choices. In this case, the strategic optimal timing of vaccination is important. It is thus of intellectual interest khổng lồ consider a supplementary game in which every player has one shot khổng lồ vaccinate and in which she chooses when lớn obtain the vaccine as the epidemic spreads. We leave this extension for future research.

We are grateful lớn Marteo Battaglini, Dongkyu Chang, Stephen Coate, John Duffy, Lata Gangadharan, Charles Holt, Duk Gyoo Kyên ổn, Philip Neary, In-Uck Park, Siyang Xiong, Jane Zhang, & Xiaojian Zhao for their valuable comments và suggestions. For helpful comments và discussions, we also thank seminar và conference participants at Cornell University, HKUST, Korea University, NYU Shanghai, Sungkyunkwan University, Tsinghua University, Yonsei University, the 2017 Asian Meeting of the Econometric Society, the 2017 Asia-Pacific Economic Science Association Conference, & the 92nd Western Economic Association Internal Annual Conference.