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

Natalia Fabra, Massimo Motta () and Martin Peitz

CRC TR 224 Discussion Paper Series from University of Bonn and University of Mannheim, Germany

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.

Keywords: resilience; prevention; detection; mitigation; electricity capacity markets; essential goods (search for similar items in EconPapers)
JEL-codes: D47 D92 L22 L23 L51 L52 (search for similar items in EconPapers)
Pages: 21
Date: 2020-08
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Citations: View citations in EconPapers (4)

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