Tuesday, July 6, 2021, 3pm CEST
Lessons from Texas, COVID-19 and the 737 Max: Efficiency vs Resilience
In both computer science and economics, efficiency is a cherished property. In computer science, the field of algorithms is almost solely focused on their efficiency. In economics, the main advantage of the free market is that it promises “economic efficiency”. A major lesson from many recent disasters is that both fields have over-emphasized efficiency and under-emphasized resilience. I argue that resilience is a more important property than efficiency and discuss how the two fields can broaden their focus to make resilience a primary consideration. I will include a technical example, showing how we can shift the focus in strategic reasoning from efficiency to resilience.
The ECRTS 2021 Keynote will be given by Moshe Vardi on Tuesday, July 6, 2021, 3pm CEST. Participation in ECRTS 2021 is free but requires an a priori complementary registration.