Journal
INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
Volume 208, Issue -, Pages 446-460Publisher
ELSEVIER
DOI: 10.1016/j.ijpe.2018.07.017
Keywords
Economic resilience; Production theory; Inherent and adaptive resilience; Disasters
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Funding
- U.S. Department of Homeland Security's Critical Infrastructure Resilience Institute (CIRI) [2015-ST-061-CIRC0]
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As a result of catastrophic events, firms and other organizations are faced with input shortages and price shocks. Firms can respond to these events using a variety of resilience actions, or tactics. Here we provide a microeconomic foundation for analyzing a comprehensive range of these tactics, incorporating both inherent and adaptive concepts of resilience. We classify these tactics and derive optimality conditions for production with the use of each class of resilience in the context of a nested Constant Elasticity of Substitution (CES) function consisting of aggregated Capital (K), Labor (L), Infrastructure (I), and Materials (M). The framework has broad applicability, including measurement and scoring of resilience, cost-effectiveness assessment of resilience tactics individually and as a group, calculation of resilience indices, and supply-chain management.
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