Two discrete choice experiments conducted at the beginning of Covid-19 vaccination campaign show that people undervalued the Covid-19 vaccine relative to benchmarks implied by the standard value of a statistical life (VSL). Our first experiment found that median willingness to pay (WTP) for initial vaccination was around $50, only 2 percent of the WTP implied by standard VSL calculations. Our second experiment found the median person’s willingness to accept (WTA) was about $200 to delay the second dose, only 32 percent of the WTA implied by standard VSL calculations. While standard economic models imply that vaccines are undervalued because of their large externalities, this evidence that people undervalue even the private benefits of vaccination suggests that there may be a role for policy beyond conventional efforts to correct externalities.