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Risk and Resilience Management in Social-Economic Systems

Author

Listed:
  • Tatyana Kovalenko

    (ETH Zurich)

  • Didier Sornette

    (Swiss Finance Institute; ETH Zürich - Department of Management, Technology, and Economics (D-MTEC))

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.

Suggested Citation

  • Tatyana Kovalenko & Didier Sornette, 2016. "Risk and Resilience Management in Social-Economic Systems," Swiss Finance Institute Research Paper Series 16-30, Swiss Finance Institute.
    • Handle: RePEc:chf:rpseri:rp1630
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    File URL: http://ssrn.com/abstract=2775264
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    Cited by:

    1. Spencer Wheatley & Annette Hofmann & Didier Sornette, 2021. "Addressing insurance of data breach cyber risks in the catastrophe framework," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 46(1), pages 53-78, January.

    More about this item

    Keywords

    Resilience; risk; stress; uncertainty; predictability; dynamics; exogenous; endogenous; adaptive management; black swan; dragon-king;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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