Risk and Resilience Management in Social-Economic Systems

Tatyana Kovalenko and Didier Sornette
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Tatyana Kovalenko: ETH Zurich
Didier Sornette: Swiss Finance Institute; ETH Zürich - Department of Management, Technology, and Economics (D-MTEC)

No 16-30, Swiss Finance Institute Research Paper Series from Swiss Finance Institute

Abstract: We provide a roadmap to understand and develop resilience, based on the realisation that resilience is the complement of risk, both being associated to the stresses supported by the socio-economic system. We propose instruments for resilience build-up and management based on a novel classification of risk and resilience management regimes corresponding to the system’s degree of uncertainty/predictability and stress level within it. Four main quadrants are identified: Ad hoc management, Adaptive management, the Black swan regime and the Dragon-king regime. An annotated bibliography is also provided.

Keywords: Resilience; risk; stress; uncertainty; predictability; dynamics; exogenous; endogenous; adaptive management; black swan; dragon-king (search for similar items in EconPapers)
JEL-codes: D81 G32 (search for similar items in EconPapers)
Pages: 10 pages
Date: 2016-05
New Economics Papers: this item is included in nep-rmg
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:chf:rpseri:rp1630

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