Related papers: How big is too big? Critical Shocks for Systemic F…
Recent studies show that in interdependent networks a very small failure in one network may lead to catastrophic consequences. Above a critical fraction of interdependent nodes, even a single node failure can invoke cascading failures that…
We present a continuous threshold model (CTM) of cascade dynamics for a network of agents with real-valued activity levels that change continuously in time. The model generalizes the linear threshold model (LTM) from the literature, where…
Many dynamical systems operate in a fluctuating environment. However, even in low-dimensional setups, transitions and bifurcations have not yet been fully understood. In this Letter we focus on crises, a sudden flooding of the phase space…
Measures of power grid vulnerability are often assessed by the amount of damage an adversary can exact on the network. However, the cascading impact of such attacks is often overlooked, even though cascades are one of the primary causes of…
We investigate the failure mechanisms of load sharing complex systems. The system is composed of multiple nodes or components whose failures are determined based on the interaction of their respective strengths and loads (or capacity and…
Cascade failures in power grids occur when the failure of one component or subsystem causes a chain reaction of failures in other components or subsystems, ultimately leading to a widespread blackout or outage. Controlling cascade failures…
Large-scale load-altering attacks (LAAs) are known to severely disrupt power grid operations by manipulating several internet-of-things (IoT)-enabled load devices. In this work, we analyze power grid cascading failures induced by such…
One of the major factors governing the mode of failure in disordered solids is the effective range $R$, over which the stress field is modified following a local rupture event. In random fiber bundle model, considered as a prototype of…
Ensuring safety in autonomous multi-agent systems during time-critical tasks such as rendezvous is a fundamental challenge, particularly under communication delays and uncertainty in system parameters. In this paper, we develop a…
It is well known that sequential decision making may lead to information cascades. That is, when agents make decisions based on their private information, as well as observing the actions of those before them, then it might be rational to…
We study the cascading failure of networks due to overload, using the betweenness centrality of a node as the measure of its load following the Motter and Lai model. We study the fraction of survived nodes at the end of the cascade $p_f$ as…
The aim of this paper is to quantify and manage systemic risk caused by default contagion in the interbank market. We model the market as a random directed network, where the vertices represent financial institutions and the weighted edges…
In complex systems like financial market, risk tolerance of individuals is crucial for system resilience.The single-security price limit, designed as risk tolerance to protect investors by avoiding sharp price fluctuation, is blamed for…
Economic interdependencies have become increasingly present in globalized production, financial and trade systems. While establishing interdependencies among economic agents is crucial for the production of complex products, they may also…
Certain systems with slow driving and avalanche-like dissipation events are naturally close to a critical point when the ratio of two energy scales is large. The first energy scale is the threshold above which an avalanche is triggered, the…
A key objective of the smart grid is to improve reliability of utility services to end users. This requires strengthening resilience of distribution networks that lie at the edge of the grid. However, distribution networks are exposed to…
This study extends the Gai-Kapadia framework, originally developed for interbank contagion, to assess systemic risk and default cascades in global equity markets. We analyze a 30 asset network comprising Brazilian and developed market…
Interdependencies are ubiquitous throughout the world. Every real-world system interacts with and is dependent on other systems, and this interdependency affects their performance. In particular, interdependencies among networks make them…
As economic entities become increasingly interconnected, a shock in a financial network can provoke significant cascading failures throughout the system. To study the systemic risk of financial systems, we create a bi-partite banking…
Networked systems are susceptible to cascading failures, where the failure of an initial set of nodes propagates through the network, often leading to system-wide failures. In this work, we propose a multiplex flow network model to study…