Agent-Based Modeling of Networking Risks
Agent-Based Modeling of Networking Risks
Systemic instability is said to exist in a networked system if its integrity is compromised regardless of whether each component functions properly. This chapter investigates how the complexity of a networked system contributes to the emergence of systemic instability. An agent-based model, which seeks to explain how the behavior of individual agents can affect the outcomes of complex systems, can make an important contribution to our understanding of potential vulnerabilities and the way in which risk propagates across networked systems. Furthermore, the chapter discusses various methodological issues related to managing risk in networks.
Keywords: networking risk, systemic risk, vulnerability index, amplification index, cascading failures, defense strategy, risk sharing
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