COMPLEX NETWORKS: DYNAMICS, OPTIMIZATION AND CONTROL. Complex networks such large power grids, the Internet, transportation networks and co-operation networks of all kinds provide challenges for frontier technologies particularly computing, communication and control. In particular, advanced societies have become dependent on large infrastructure networks to an extent beyond our capability to plan and control them. The recent spate of collapses in power grids and virus attacks on the Internet i ....COMPLEX NETWORKS: DYNAMICS, OPTIMIZATION AND CONTROL. Complex networks such large power grids, the Internet, transportation networks and co-operation networks of all kinds provide challenges for frontier technologies particularly computing, communication and control. In particular, advanced societies have become dependent on large infrastructure networks to an extent beyond our capability to plan and control them. The recent spate of collapses in power grids and virus attacks on the Internet illustrate the need for research on modelling, analysis of behaviour, planning and control in such networks. This project aims to establish research in this area for Australia's benefit.Read moreRead less
Optimism, Pessimism and Confidence - Their economic impacts. When modelling uncertainty, economists typically assume people utilise well-behaved and precise probabilities. As most people have only the vaguest conception of chances of terrorist acts, of contracting SARS, or of extreme market volatility, this limits usefulness of the standard model in predicting or guiding choice. This project aims to incorporate a richer set of attitudes about uncertainty into economic theory, including impreci ....Optimism, Pessimism and Confidence - Their economic impacts. When modelling uncertainty, economists typically assume people utilise well-behaved and precise probabilities. As most people have only the vaguest conception of chances of terrorist acts, of contracting SARS, or of extreme market volatility, this limits usefulness of the standard model in predicting or guiding choice. This project aims to incorporate a richer set of attitudes about uncertainty into economic theory, including imprecise estimates of chance, optimistic (or pessimistic) bias, and relative confidence. This will enable more rigorous analysis of topics like irrational exuberance (panic), consumer stampedes, and (in)tolerance of risk, thereby improving the measurement of benefits and costs of related actions or policies.Read moreRead less