Work

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

Year: 2025

Type: article

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.

Source: International Review of Economics & Finance

DOI: 10.1016/j.iref.2025.103969

Authors: Nanfei Jia, Zhengrong Pi, Min Zuo, Yuhang Shi, Xin Xu

Institutions: Beijing Technology and Business University, Beijing Wuzi University, Nanjing University of Finance and Economics

Language: English

Topic: Supply Chain Resilience and Risk Management

Subfield: Strategy and Management

Field: Business, Management and Accounting

Domain: Social Sciences

SDG: Industry, innovation and infrastructure

Open Access status: gold

Estimated APC paid: $1,930