How big is too big? Critical Shocks for Systemic Failure Cascades

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External or internal shocks may lead to the collapse of a system consisting of many agents. If the shock hits only one agent initially and causes it to fail, this can induce a cascade of failures among neighoring agents. Several critical constellations determine whether this cascade remains finite or reaches the size of the system, i.e. leads to systemic risk. We investigate the critical parameters for such cascades in a simple model, where agents are characterized by an individual threshold

 

How big is too big? Critical Shocks for Systemic Failure Cascades

Claudio J. Tessone, Antonios Garas, Beniamino Guerra, Frank Schweitzer

http://arxiv.org/abs/1209.0959

See on arxiv.org

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