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Enhancing Resilience of Networked Agents with Risk Sharing

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Titel Enhancing Resilience of Networked Agents with Risk Sharing
Alternativer Titel Risk Management of Networked Systems with Coordinated Agents
Serientitel Agent-­based models and complex techno-­social systems
Autor Namatame, Akira
Lizenz CC-Namensnennung - keine kommerzielle Nutzung - keine Bearbeitung 2.5 Schweiz:
Sie dürfen das Werk bzw. den Inhalt in unveränderter Form zu jedem legalen und nicht-kommerziellen Zweck nutzen, vervielfältigen, verbreiten und öffentlich zugänglich machen, sofern Sie den Namen des Autors/Rechteinhabers in der von ihm festgelegten Weise nennen.
DOI 10.5446/35081
Herausgeber Eidgenössische Technische Hochschule (ETH) Zürich
Erscheinungsjahr 2012
Sprache Englisch

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Fachgebiet Informatik
Abstract As social-­economic systems increase interdependency, a crucial question arises: is an interconnected world a safer or a more dangerous place to live in? Over the last few years, we have witnessed the dark side of increasing interdependencies. Then there is a growing need to focus on how to mitigate networked risk and to enhance the system resilience to the impact of a large-­scale shock. The traditional engineering approach has been to design systems that are less vulnerable to damage from hazard events. On the other hand, the system resilience is the ability to recover from failure and providing the continuity of system function. The aim of this paper is to investigate the gain from risk sharing. We propose the mechanism of risk sharing that may enhance the resilience of the networked systems. We propose the risk sharing protocols based on coordinated incentives of agents to survive collectively by absorbing external shocks. The key issue we would like to analyze is how the gain from risk sharing depends on the capacity of each agent to absorb shock and on the interconnections patterns among agents with risk sharing rules. We show that risk sharing is beneficial from a system point of view when agents’ capacities to shocks is high and detrimental when it is low. We especially evaluate the effectiveness of risk sharing in the two domains. In the domain where networked agents have possibility of cascading failure, risk sharing is useful in mitigating systemic failure especially if they are running in high load. In the second domain, we evalaute the ratio of safe agents who invest in risky portofolio or projects collectively. In this case, risk sharing is beneficial if agents’ capacity of absorbing capacity is high. In the region of low and extremely high capacity, the agents cannot gain from risk sharing and isolation becomes more beneficial.

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