Supply Chain Resilience: Should Policy Promote International Diversification or Reshoring?
研究了面对全球供应链中断时，政府应补贴多国备用供应商还是鼓励国内采购，发现补贴多元化可达到社会最优，但需求弹性高时私人投资可能过度。
Little is known about optimal policy in the face of global supply chain disruptions. Should governments promote resilience by subsidizing backup sources of input supply in multiple countries? Should they encourage firms to source from safer domestic suppliers? We address these questions in a model of production with a critical input and exogenous risks of supply disturbances. With constant elasticity of substitution preferences, a subsidy for diversification achieves the constrained social optimum. When the demand elasticity rises with price, private investments in resilience may be socially excessive and the social planner may wish to discourage diversification while favoring sourcing from abroad.