Multi - Objective optimization of the global tungsten trade network for supply risk reduction and economic benefit improvement

Nanfei Jia, Zhengrong Pi, Min Zuo, Yuhang Shi and Xin Xu

International Review of Economics & Finance, 2025, vol. 98, issue C

Abstract: As key minerals, tungsten resources are crucial for various industries. But uneven reserves and unstable international conditions increase the risk of supply disruption, impacting the stability and economic benefits of international trade. Therefore, this paper applies the multi-objective optimization model and NSGA-II algorithm to optimize the global tungsten trade network (GTTN) in 2022 by adjusting its supply relationship structure and trade volume.1 The results show that all optimized GTTNs improve stability and total value flow compared to the actual ones. Adding trade relationships, KOR→CHN and ARE→RUS, is beneficial to enhance total value flow of the GTTN. Adding trade relationships, PRT→VNM and THA→VNM, helps improve stability of the GTTN. The increase in value flow of added trade relationships follows power-law distribution. The research provides different options for trading countries to optimize supply relationships to improve stability and economic benefits of global tungsten trade.

Keywords: Tungsten; Trade stability; Total trade value flow; Multi-objective optimization model; Supply relationship structure; NSGA-II algorithm (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:98:y:2025:i:c:s1059056025001327

DOI: 10.1016/j.iref.2025.103969

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