IDEAS home Printed from https://ideas.repec.org/a/igg/jrcm00/v5y2016i2p66-75.html
   My bibliography  Save this article

Assessing Systemic Risk

Author

Listed:
  • Ian I. Mitroff

    (University of California-Berkeley, Berkeley, CA, USA)

  • Abraham Silvers

    (University of California, San Francisco, CA, USA)

Abstract

Far too many applications of Risk Analysis (RA) and Risk Management (RM) treat risks as though they are distinct and independent. Thus, risks are largely treated as though they can be evaluated and mitigated independently of one another. This paper takes a fundamentally different approach. The basic argument is that there are no such things as independent and separate risks. All risks are part of a larger system of interrelated issues, problems, and risks. Each risk is not only connected to all of the other risks that are parts of the system, but if only in part, each risk is responsible, in causing and triggering of all of the other risks. Using recent findings in the probability of implication (Mitroff and Silvers, 2013), a simple mathematical treatment of the interconnectedness of risks is developed. The treatment is capable of being expanded indefinitely to include more complex situations. Finally, the mathematical treatment shows how risks and crises are interrelated.

Suggested Citation

  • Ian I. Mitroff & Abraham Silvers, 2016. "Assessing Systemic Risk," International Journal of Risk and Contingency Management (IJRCM), IGI Global, vol. 5(2), pages 66-75, April.
    • Handle: RePEc:igg:jrcm00:v:5:y:2016:i:2:p:66-75
    as

    Download full text from publisher

    File URL: http://services.igi-global.com/resolvedoi/resolve.aspx?doi=10.4018/IJRCM.2016040104
    Download Restriction: no
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:igg:jrcm00:v:5:y:2016:i:2:p:66-75. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Journal Editor (email available below). General contact details of provider: https://www.igi-global.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.