Recovery Time of a Complex System in Risk and Crisis Management Operations
International Journal of Decision Sciences, Risk and Management, Forthcoming
Posted: 11 Dec 2008
Date Written: December 11, 2008
The contribution of this paper is the extension of theoretical and practical applicability in complex systems of a fundamental concept of extreme value theory. More precisely, the paper formulates a stochastic model and establishes the sufficient conditions for evaluating its distribution function. The paper also provides applications of such a stochastic model in investigating the recovery time of a complex system, which has gone through the occurence of a major risk.
Keywords: Risk, Crisis, Recovery Time, Complex system
JEL Classification: C02, C49, C60
Suggested Citation: Suggested Citation