COVID-19: Analytics of contagion on inhomogeneous random social networks

Systemic cascades on inhomogeneous random financial networks

This article presents a model of the financial system as an inhomogeneous random financial network (IRFN) with N nodes that represent different types of institutions such as banks or funds and directed weighted edges that signify counterparty relationships between nodes. The onset of a systemic crisis is triggered by a large exogenous shock to banks' balance sheets. Their behavioural response is modelled by a cascade mechanism that tracks the propagation of damaging shocks and possible amplification of the crisis, and leads the system to a cascade equilibrium. The mathematical properties of the stochastic framework are investigated for the first time in a generalization of the Eisenberg-Noe solvency cascade mechanism that accounts for fractional bankruptcy charges. New results include verification of a "tree independent cascade property" of the solvency cascade mechanism, and culminate in an explicit recursive stochastic solvency cascade mapping conjectured to hold in the limit as the number of banks N goes to infinity. It is shown how this cascade mapping can be computed numerically, leading to a rich picture of the systemic crisis as it evolves toward the cascade equilibrium.

Using simulation modelling and systems science to help contain COVID-19: A systematic review

This study systematically reviews applications of three simulation approaches, that is, system dynamics model (SDM), agent-based model (ABM) and discrete event simulation (DES), and their hybrids in COVID-19 research and identifies theoretical and application innovations in public health. Among the 372 eligible papers, 72 focused on COVID-19 transmission dynamics, 204 evaluated both pharmaceutical and non-pharmaceutical interventions, 29 focused on the prediction of the pandemic and 67 investigated the impacts of COVID-19. ABM was used in 275 papers, followed by 54 SDM papers, 32 DES papers and 11 hybrid model papers. Evaluation and design of intervention scenarios are the most widely addressed area accounting for 55% of the four main categories, that is, the transmission of COVID-19, prediction of the pandemic, evaluation and design of intervention scenarios and societal impact assessment. The complexities in impact evaluation and intervention design demand hybrid simulation models that can simultaneously capture micro and macro aspects of the socio-economic systems involved.

Impact of asymptomatic COVID-19 carriers on pandemic policy outcomes

This paper provides a mathematical model that makes it clearly visible why the underestimation of r, the fraction of asymptomatic COVID-19 carriers in the general population, may lead to a catastrophic reliance on the standard policy intervention that attempts to isolate all confirmed infectious cases. The SE(A+O)R model with infectives separated into asymptomatic and ordinary carriers, supplemented by a model of the data generation process, is calibrated to standard early pandemic datasets for two countries. It is shown that certain fundamental parameters, critically r, are unidentifiable with this data. A general analytical framework is presented that projects the impact of different types of policy intervention. It is found that the lack of parameter identifiability implies that some, but not all, potential policy interventions can be correctly predicted. In an example representing Italy in March 2020, a hypothetical optimal policy of isolating confirmed cases that aims to reduce the basic reproduction number R 0 of the outbreak from 4.4 to 0.8 assuming r = 0, only achieves 3.8 if it turns out that r = 40%.