Risk and Resilience Management in Social-Economic Systems
10 Pages Posted: 13 May 2016
Date Written: May 4, 2016
Abstract
We provide a roadmap to understand and develop resilience, based on the realisation that resilience is the complement of risk, both being associated to the stresses supported by the socio-economic system. We propose instruments for resilience build-up and management based on a novel classification of risk and resilience management regimes corresponding to the system’s degree of uncertainty/predictability and stress level within it. Four main quadrants are identified: Ad hoc management, Adaptive management, the Black swan regime and the Dragon-king regime. An annotated bibliography is also provided.
Keywords: Resilience, risk, stress, uncertainty, predictability, dynamics, exogenous, endogenous, adaptive management, black swan, dragon-king
JEL Classification: D81, G32
Suggested Citation: Suggested Citation