Related papers: A modular risk concept for complex systems
A growing number of safety-critical industries agree that building confidence in complex systems can be achieved through evidence and structured argumentation framed in assurance cases. Nevertheless, according to practical industry…
Designing large-scale control systems to satisfy complex specifications is hard in practice, as most formal methods are limited to systems of modest size. Contract theory has been proposed as a modular alternative to formal methods in…
Reliable, risk-averse design of complex engineering systems with optimized performance requires dealing with uncertainties. A conventional approach is to add safety margins to a design that was obtained from deterministic optimization.…
We present assume-guarantee contracts for continuous-time linear dynamical systems with inputs and outputs. These contracts are used to express specifications on the dynamic behaviour of a system. Contrary to existing approaches, we use…
The financial crisis has dramatically demonstrated that the traditional approach to apply univariate monetary risk measures to single institutions does not capture sufficiently the perilous systemic risk that is generated by the…
In this paper, we deal with risk evaluation and risk-averse optimization of complex distributed systems with general risk functionals. We postulate a novel set of axioms for the functionals evaluating the total risk of the system. We derive…
Modern engineering systems include many components of different types and functions. Verifying that these systems satisfy given specifications can be an arduous task, as most formal verification methods are limited to systems of moderate…
This paper introduces assume/guarantee contracts on continuous-time control systems, hereby extending contract theories for discrete systems to certain new model classes and specifications. Contracts are regarded as formal characterizations…
Background: Contract-based Design (CbD) is a valuable methodology for software design that allows annotation of code and architectural components with contracts, thereby enhancing clarity and reliability in software development. It…
Control Co-Design (CCD) considers the coupled effects of both the plant and control parameters to optimize a system's closed-loop transient performance during the design stage. This paper presents a new method for CCD with guarantees on…
Systemic risk refers to the risk that the financial system is susceptible to failures due to the characteristics of the system itself. The tremendous cost of systemic risk requires the design and implementation of tools for the efficient…
Distributionally robust control is a well-studied framework for optimal decision making under uncertainty, with the objective of minimizing an expected cost function over control actions, assuming the most adverse probability distribution…
Modern cyber-physical systems (CPS) integrate physics, computation, and learning, demanding modeling frameworks that are simultaneously composable, learnable, and verifiable. Yet existing approaches treat these goals in isolation: causal…
This paper elaborates about the potential risk of systemic instabilities in future networks and proposes a methodology to mitigate it. The starting concept is modeling the network as a complex environment (e.g. ecosystem) of resources and…
Modern society heavily relies on strongly connected, socio-technical systems. As a result, distinct risks threatening the operation of individual systems can no longer be treated in isolation. Consequently, risk experts are actively seeking…
The purpose of the research presented in this article is to develop a dynamic system for forecasting and minimizing the risks of an industrial company based on their quantitative assessment. The article considers the conceptual apparatus of…
Model Predictive Control (MPC) is a widely known control method that has proved to be particularly effective in multivariable and constrained control. Closed-loop stability and recursive feasibility can be guaranteed by employing accurate…
This article develops the theory of risk budgeting portfolios, when we would like to impose weight constraints. It appears that the mathematical problem is more complex than the traditional risk budgeting problem. The formulation of the…
Robust control theory has been successfully applied to numerous real-world problems using a small set of devices called {\it controllers}. However, the real systems represented by networks contain unreliable components and modern robust…
We axiomatically introduce risk-consistent conditional systemic risk measures defined on multidimensional risks. This class consists of those conditional systemic risk measures which can be decomposed into a state-wise conditional…