TY - JOUR
T1 - Pandemic risk management
T2 - Resources contingency planning and allocation
AU - Chen, Xiaowei
AU - Chong, Wing Fung
AU - Feng, Runhuan
AU - Zhang, Linfeng
N1 - Funding Information:
We are grateful to anonymous reviewers and the handling editor for their careful reading and insightful comments. This research is supported by the Canadian Institute of Actuaries (CIA). We would like to express deepest gratitude to the CIA project oversight group members, Victor Wang, Adam Granville, Alex Ngo, Cindy Li, and Shlomit Jacobson, for providing insightful comments and suggestions that improve the manuscript. We would also like to thank Qingxuan Kong, Charan Sankaran, Annie Zheng, Xuan Lin, Erchi Wang, and other students in the Illinois Risk Lab at the University of Illinois at Urbana-Champaign for their valuable supportive work.
Publisher Copyright:
© 2021 Elsevier B.V.
PY - 2021/11
Y1 - 2021/11
N2 - The repeated history of pandemics, such as SARS, H1N1, Ebola, Zika, and COVID-19, has shown that pandemic risk is inevitable. Extraordinary shortages of medical resources have been observed in many parts of the world. Some attributing factors include the lack of sufficient stockpiles and the lack of coordinated efforts to deploy existing resources to the locations of greatest need. This paper investigates contingency planning and resources allocation from a risk management perspective, as opposed to the prevailing supply chain perspective. The key idea is that the competition for limited critical resources is not only present in different geographical locations but also at different stages of a pandemic. This paper draws on an analogy between risk aggregation and capital allocation in finance and pandemic resources planning and allocation for healthcare systems. The main contribution is to introduce new strategies for optimal stockpiling and allocation balancing spatio-temporal competition for medical supply and demand.
AB - The repeated history of pandemics, such as SARS, H1N1, Ebola, Zika, and COVID-19, has shown that pandemic risk is inevitable. Extraordinary shortages of medical resources have been observed in many parts of the world. Some attributing factors include the lack of sufficient stockpiles and the lack of coordinated efforts to deploy existing resources to the locations of greatest need. This paper investigates contingency planning and resources allocation from a risk management perspective, as opposed to the prevailing supply chain perspective. The key idea is that the competition for limited critical resources is not only present in different geographical locations but also at different stages of a pandemic. This paper draws on an analogy between risk aggregation and capital allocation in finance and pandemic resources planning and allocation for healthcare systems. The main contribution is to introduce new strategies for optimal stockpiling and allocation balancing spatio-temporal competition for medical supply and demand.
KW - Contingency planning
KW - COVID-19
KW - Emergency response
KW - Pandemic risk management
KW - Rationing
KW - Resources allocation
KW - Stockpiling
UR - http://www.scopus.com/inward/record.url?scp=85113782422&partnerID=8YFLogxK
U2 - 10.1016/j.insmatheco.2021.08.001
DO - 10.1016/j.insmatheco.2021.08.001
M3 - Article
C2 - 34803199
AN - SCOPUS:85113782422
SN - 0167-6687
VL - 101
SP - 359
EP - 383
JO - Insurance: Mathematics and Economics
JF - Insurance: Mathematics and Economics
ER -
