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Supply Network Formtion and Fragility

Author

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  • Matthew Elliott

    (CAM - University of Cambridge [UK])

  • Benjamin Golub

    (Northwestern University [Evanston])

  • Matthew V Leduc

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

We model the production of complex goods in a large supply network. Each firm sources several essential inputs through relationships with other firms. Individual supply relationships are at risk of idiosyncratic failure, which threatens to disrupt production. To protect against this, firms multisource inputs and strategically invest to make relationships stronger, trading off the cost of investment against the benefits of increased robustness. We find that equilibrium aggregate production is robust to idiosyncratic disruptions. Nevertheless, there is a regime in which arbitrarily small systemic shocks cause arbitrarily steep drops in output, so that the the supply network is fragile. The endogenous configuration of supply networks provides a new channel for the powerful amplification of shocks.

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  • Matthew Elliott & Benjamin Golub & Matthew V Leduc, 2021. "Supply Network Formtion and Fragility," Working Papers halshs-03359607, HAL.
    • Handle: RePEc:hal:wpaper:halshs-03359607
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-03359607v1
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    16. Jiayi Chen & Chaozhu Hu & Youxi Luo, 2024. "Regional Differences and Spatial-Temporal Evolution Characteristics of Digital Economy Development in the Yangtze River Economic Belt," Sustainability, MDPI, vol. 16(10), pages 1-18, May.
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    18. Balbuzanov, Ivan & Kotowski, Maciej H., 2024. "The property rights theory of production networks," Theoretical Economics, Econometric Society, vol. 19(4), November.
    19. Cajal-Grossi, Julia & Del Prete, Davide & Macchiavello, Rocco, 2023. "Supply chain disruptions and sourcing strategies," International Journal of Industrial Organization, Elsevier, vol. 90(C).
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    22. Antoine Mandel & Van-Quy Nguyen & Bach Dong-Xuan, 2024. "Strategic formation of production networks," Papers 2401.08929, arXiv.org.
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    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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