Global sourcing under uncertainty
构建了一个同质中间投入品国际贸易的一般均衡模型，发现风险分散是贸易的独立动因，并揭示贸易自由化通过降低不确定性提升福利的新渠道。
Abstract This paper develops a general equilibrium model of international trade in homogenous intermediate inputs. In the model, trade between countries is driven exclusively by uncertainty in the delivery of inputs. Because their managers are risk‐averse, final good firms contract with multiple suppliers located in different countries in an attempt to decrease the variability of their profits. The analysis shows that risk diversification provides an incentive for international trade over and above such reasons as comparative advantages (emphasized in classical models of international trade) and economies of scale (emphasized in new trade models) and highlights a new channel—a reduction in uncertainty—through which trade liberalization increases welfare.