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Preparing for the Next Crisis: How to Secure the Supply of Essential Goods and Services

Author

Listed:
  • Natalia Fabra
  • Massimo Motta
  • Martin Peitz

Abstract

The COVID-19 crisis has demonstrated a lack of preparedness for pandemics and other global shocks that require the quick availability of some essential goods and services. As we argue, private incentives are often insufficient to be prepared for rare events with a large negative effect. Instead, governments and preferably supranational institutions should implement mechanisms that make sure that prevention, detection and mitigation measures are taken. In particular, the economics of electricity capacity markets provides important lessons for the provision of essential goods in such events.

Suggested Citation

  • Natalia Fabra & Massimo Motta & Martin Peitz, 2020. "Preparing for the Next Crisis: How to Secure the Supply of Essential Goods and Services," CRC TR 224 Discussion Paper Series crctr224_2020_210, University of Bonn and University of Mannheim, Germany.
    • Handle: RePEc:bon:boncrc:crctr224_2020_210
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    File URL: https://www.crctr224.de/research/discussion-papers/archive/dp210
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    Citations

    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Preparation > Infrastructure and Research

    Citations

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    Cited by:

    1. Ockenfels Axel, 2021. "Marktdesign für eine resiliente Impfstoff-produktion," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 22(3), pages 259-269, September.
    2. Natalia Fabra & Massimo Motta & Martin Peitz, 2021. "Versorgungsengpässe während einer Pandemie und was dagegen getan werden kann," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(8), pages 600-603, August.
    3. Achim Wambach, 2021. "Besseres Marktdesign im Gesundheitswesen," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(8), pages 590-593, August.
    4. Hakenes, Hendrik, 2021. "Face Masks, Yeast, and Toilet Paper: Panic Purchases and Stockpiling," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242360, Verein für Socialpolitik / German Economic Association.

    More about this item

    Keywords

    resilience; prevention; detection; mitigation; electricity capacity markets; essential goods;
    All these keywords.

    JEL classification:

    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • D47 - Microeconomics - - Market Structure, Pricing, and Design - - - Market Design
    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing

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