Static and dynamic metrics of economic resilience for interdependent infrastructure and industry sectors

Raghav Pant, Kash Barker and Christopher W. Zobel

Reliability Engineering and System Safety, 2014, vol. 125, issue C, 92-102

Abstract: Infrastructures are needed for maintaining functionality and stability of society, while being put under substantial stresses from natural or man-made shocks. Since avoiding shock is impossible, increased focus is given to infrastructure resilience, which denotes the ability to recover and operate under new stable regimes. This paper addresses the problem of estimating, quantifying and planning for economic resilience of interdependent infrastructures, where interconnectedness adds to problem complexity. The risk-based economic input–output model enterprise, a useful tool for measuring the cascading effects of interdependent failures, is employed to introduce a framework for economic resilience estimation. We propose static and dynamic measures for resilience that confirm to well-known resilience concepts of robustness, rapidity, redundancy, and resourcefulness. The quantitative metrics proposed here (static resilience metric, time averaged level of operability, maximum loss of functionality, time to recovery) guide a preparedness decision making framework to promote interdependent economic resilience estimation. Using the metrics we introduce new multi-dimensional resilience functions that allow multiple resource allocation scenarios. Through an example problem we demonstrate the usefulness of these functions in guiding resource planning for building resilience.

Keywords: Resilience; Interdependent infrastructures; Inoperability (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (44)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:125:y:2014:i:c:p:92-102

DOI: 10.1016/j.ress.2013.09.007

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