Studies from University of Illinois Yield New Data on Insurance Economics (Pandemic Risk Management: Resources Contingency Planning and Allocation): Economics – Insurance Economics

2022 JAN 03 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Research findings on Economics - Insurance Economics are discussed in a new report. According to news originating from Champaign, Illinois, by NewsRx correspondents, research stated, “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.”

Financial support for this research came from Canadian Institute of Actuaries (CIA).

Our news journalists obtained a quote from the research from the University of Illinois, “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.”

According to the news editors, the research concluded: “The main contribution is to introduce new strategies for optimal stockpiling and allocation balancing spatio-temporal competition for medical supply and demand.”

This research has been peer-reviewed.

For more information on this research see: Pandemic Risk Management: Resources Contingency Planning and Allocation. Insurance Mathematics and Economics, 2021;101:359-383. Insurance Mathematics and Economics can be contacted at: Elsevier, Radarweg 29, 1043 Nx Amsterdam, Netherlands.

The news correspondents report that additional information may be obtained from Linfeng Zhang, University of Illinois, Dept. of Mathematics, Champaign, IL 61820, United States. Additional authors for this research include Xiaowei Chen, Wing Fung Chong and Runhuan Feng.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1016/j.insmatheco.2021.08.001. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

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