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    Defence acquisition and procurement: how (not) to buy weapons

    Smith, Ron P. (2022) Defence acquisition and procurement: how (not) to buy weapons. Elements in Defence Economics. Cambridge: Cambridge University Press. ISBN 9781009189651.

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    Book synopsis: 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.


    Item Type: Book
    Additional Information: This version is free to view and download for personal use only. Not for re-distribution, re-sale or use in derivative works. © Cambridge University Press
    Keyword(s) / Subject(s): acquisition, procurement, weapons systems, principal-agent, defence economics.
    School: Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School
    Research Centres and Institutes: Political Economy and Institutional Studies, Birkbeck Centre for
    Depositing User: Ron Smith
    Date Deposited: 12 Jul 2022 08:48
    Last Modified: 02 Aug 2023 18:17


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