Professor of Electrical Engineering and Computer Science
Associate Department Head, Electrical Engineering and Computer Science (EECS)
Associate Director, Laboratory for Information and Decision Systems (LIDS)
This talk will present the research agenda for the “Center for Systemic Risk,” demonstrating the need for a coordinated effort to understand how complex systems interact, and often fail, in order to avert future catastrophes. “The flash crash of 2010, the Great Recession of 2008, the New England power outage of 2003, or simply the cascaded delays in air travel because of unexpected weather in a hub city like Chicago are just a few of many examples of the systemic risk present in complex interconnected systems.
The propagation of failure in such systems is not caused just by malicious interventions, but also it often results from the interaction of the interconnected subsystems as they respond to small disruptions. The aim of this multi-disciplinary center is to create a foundational science that allows for measuring, predicting, and containing systemic risk.”