Defence acquisition and procurement : how (not) to buy weapons / Ron P. Smith.

Format:

Book

Author/Creator:

Smith, Ron, 1946 September 2- author.

Series:

Cambridge elements. Elements in defence economics 2632-332X.

Cambridge elements. Elements in defence economics, 2632-332X

Language:

English

Subjects (All):

Armed Forces--Procurement.

Armed Forces.

Defense industries--Economic aspects.

Defense industries.

Physical Description:

1 online resource (74 pages) : digital, PDF file(s).

Place of Publication:

Cambridge : Cambridge University Press, 2022.

Summary:

The acquisition and procurement of major weapons systems is fraught with difficulties. They tend to be delivered late, over budget and unable to meet requirements. This Element provides an economic analysis of why this happens. Market structure, demand by the military and supply by the arms firms, shapes the conduct of the agents and generates the poor performance observed. The military are trying to counter an evolving threat, subject to a budget constraint, high R&D costs and new technologies. The interaction between a government made up of warring tribes and arms firms with considerable market and political power is further complicated by a set of what economists call 'principal-agent' problems, which are examined. While the poor performance has prompted many countries to propose reforms, the difficulty of the task and the institutional incentives faced by the actors mean that the reforms rarely solve the problem.

Notes:

Title from publisher's bibliographic system (viewed on 22 Jun 2022).

Other Format:

Print version:

ISBN:

9781009189644 (ebook)

Access Restriction:

Restricted for use by site license.