Events
Past Event
WED@NICO WEBINAR: Irena Vodenska, Boston University
Northwestern Institute on Complex Systems (NICO)
12:00 PM
Details
Speaker:
Irena Vodenska, Associate Professor in Finance, Director, Finance Programs, Metropolitan College, Boston University
Title:
A bird’s-eye view into the origin of systemic risk: Financial Institutions, Sovereign Debt, and Public Health and Policy
Abstract:
As economic entities become increasingly interconnected, shocks in financial and economic networks can provoke significant cascading failures throughout the system. To study systemic risk, we model financial institutions' relationships, economic dependencies, and production flows to propose a cascading failure model describing the risk propagation process during crises. We find that our model efficiently identifies a significant portion of the failed banks reported by the Federal Deposit Insurance Corporation during the Global Financial Crisis of 2008. We also study the European sovereign debt crisis of 2009-2012 and observe that the results closely match real-world events (e.g., the high risk of Greek sovereign bonds and Greek banks' distress). We propose an institutional, systemic importance ranking, BankRank, for the financial institutions analyzed in the European bank study to assess individual banks' contribution to the overall systemic risk. Finally, we propose a dynamic cascade model to investigate the systemic risk posed by sector level industries within the U.S. inter-industry network. We then use this model to study the effect of the disruption presented by COVID-19 during 2020 on the U.S. economy. We impose an initial shock that disrupts one or more industries' production capacity and calculates the propagation of production shortage with a modified Cobb-Douglas production function. In the case of COVID-19, the initial shock reflects the loss of labor between March and April 2020, as reported by the Bureau of Labor Statistics. These studies suggest that the cascading failure models could be useful for systemic risk stress testing for financial and economic systems. The models could become complementary to existing stress tests and scenario analysis, incorporating the contribution of the interconnectivity of the banks, governments, and industries to systemic risk in time-dependent networks.
Speaker Bio:
Irena Vodenska is an associate professor of finance and director of finance programs at Boston University’s Metropolitan College. Her research focuses on network theory and complexity science in macroeconomics. She conducts a theoretical and applied interdisciplinary research using quantitative approaches for modeling interdependencies of financial networks, banking system dynamics, and global financial crises. More specifically, Vodenska’s research focuses on modeling of early warning indicators and systemic risk propagation throughout interconnected financial and economic networks. She also studies the effects of news announcement on financial markets, corporations, financial institutions, and related global economic systems. She uses neural networks and deep learning methodologies for natural language processing to text mine important factors affecting corporate performance and global economic trends. Prof. Vodenska teaches Investment Analysis and Portfolio Management, International Finance and Trade, Financial Regulation and Ethics, and Derivatives Securities and Markets at Boston University. Vodenska holds a Ph.D. in Econophysics (Statistical Finance) from Boston University, MBA from Owen Graduate School of Management at Vanderbilt University and BS in Computer Information Systems from the University of Belgrade. She is also a Chartered Financial Analyst (CFA) charter holder. As a principal investigator (PI) for Boston University, she has won interdisciplinary research grants awarded by the European Commission (EU), Network Science Division of the US Army Research Office, and the National Science Foundation (US).
Webinar:
Webinar link: https://northwestern.zoom.us/j/94202105939
Passcode: nico
ID: 942 0210 5939
About the Speaker Series:
Wednesdays@NICO is a vibrant weekly seminar series focusing broadly on the topics of complex systems and data science. It brings together attendees ranging from graduate students to senior faculty who span all of the schools across Northwestern, from applied math to sociology to biology and every discipline in-between. Please visit: https://bit.ly/WedatNICO for information on future speakers.
Time
Wednesday, January 27, 2021 at 12:00 PM - 1:00 PM
Contact
Calendar
Northwestern Institute on Complex Systems (NICO)
WED@NICO SEMINAR: Lightning Talks with NU Scholars!
Northwestern Institute on Complex Systems (NICO)
12:00 PM
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Lower Level, Chambers Hall
Details
May 20th Speakers:
Yulin Yu, Postdoctoral Fellow, Kellogg School of Management
Feihong Xu, PhD Candidate, McCormick School of Engineering
Maalvika Bhat, PhD Student, School of Communication
Rochana Chaturvedi, Postdoctoral Fellow, Kellogg School of Management
NICO Lightning talks are open to Northwestern graduate students, postdoctoral fellows, and visiting scholars! If you are interested in signing up for a future session, please fill out this short survey.
Talk Titles and Abstracts:
Yulin Yu
Postdoctoral Fellow
Kellogg School of Management &
Northwestern Institute on Complex Systems
Human–AI Creative Pathways: How People and Machines Differ in Creative Strategy
Generative AI offers the promise of amplifying creativity by recombining knowledge at a scale far beyond human capacity, yet humans still hold key advantages in flexibility and contextual reasoning. To understand how each achieves novelty, we analyzed more than 5,000 responses to the Divergent Association Task from both humans and AI systems using network-based methods. We find that while individual humans use fewer and simpler conceptual categories than machines, the collective diversity of human ideas is substantially higher. Human creative pathways tend to follow a one-directional but highly unpredictable trajectory, whereas AI systems rely on repetitive, back-and-forth exploration patterns. Finally, both humans and machines show anchoring effects—early ideas shape later responses—but in opposite ways: humans anchor low, while machines anchor high.
Feihong Xu
PhD Candidate
Engineering Sciences & Applied Mathematics
McCormick School of Engineering
A Well-Calibrated Model Similarity Measure for Arbitrary Neural Networks
Deep learning approaches have transformed biological and biomedical image analysis, but model opacity and fragility remain major obstacles to trustworthy use. One barrier is the lack of a well-calibrated measure of similarity across arbitrary neural networks trained with different architectures, checkpoints, random initializations, and training strategies. Existing notions of model similarity span functional and representational domains, often rely on heuristic assumptions, and are susceptible to spurious signals introduced by probing samples, making principled cross-model meta-analysis difficult. Here, we clarify prevailing notions of deep neural network similarity and benchmark their robustness under extensive out-of-distribution perturbations. We then introduce the Ahmad RV coefficient on chain weight matrices (wARV), a theoretically grounded weight-space similarity measure that combines chain-normalized weights with the RV coefficient. wARV is sample-agnostic, symmetric, computationally efficient, and better calibrated than current measures. Across benchmarks varying random initialization, training checkpoint, architecture, and training strategy, wARV more faithfully tracks functional similarity while avoiding confounding effects from probing data. Applying wARV to deep neural network models on both generic and medical image classification tasks, we uncover substantial learning heterogeneity and instability even among models with similar predictive performance.
Maalvika Bhat
PhD Student
Technology and Social Behavior
School of Communication &
McCormick School of Engineering
Scholars See Clickbait as a Greater Threat to Science Than to Their Own Work
As scientific research competes for attention in a media landscape driven by sensationalism, the risks of misrepresentation grow. This study examines whether academics, while widely recognizing clickbait as a threat to science broadly, tend to downplay its relevance to their own work. Surveying 5,603 U.S.-based researchers, we find a consistent perception gap between systemic and personal risk, one that varies by career stage and disciplinary context. Early-career scholars show a pronounced version of this asymmetry: they express heightened concern about clickbait’s harms to science while rating its relevance to their own work as comparatively lower, a pattern that leaves them most exposed at a stage when reputational stakes are highest.
Rochana Chaturvedi
Postdoctoral Fellow
Kellogg School of Management &
Northwestern Institute on Complex Systems
Who Gets the Callback? Generative Artificial Intelligence and Gender Bias
Large language models are increasingly embedded in hiring workflows, raising concerns about their potential to amplify societal biases — yet how these biases manifest within and across occupations, and the role of model 'personality' in shaping these biases, remains unexplored. We introduce a three-part attribution framework applied to 332,044 real-world job ads, measuring gender-based callback bias, associations of skills and traits with gendered stereotypes in LLMs, and the effect of simulated recruiter personas. We find that LLMs systematically favor men, especially in higher-wage roles, with their decisions tracking traditional gendered language cues in job postings. Notably, assigning a low-agreeableness persona reduces model bias, implicating sycophancy as a mechanism reinforcing societal stereotypes; at the same time, controversial personas trigger internal guardrails leading to more cautious and less-biased outputs. These findings highlight how alignment choices in AI-driven hiring systems shape bias, with important implications for fairness and diversity.
Location:
In person: Chambers Hall, 600 Foster Street, Lower Level
Remote option: https://northwestern.zoom.us/j/98031689779
About the Speaker Series:
Wednesdays@NICO is a vibrant weekly seminar series focusing broadly on the topics of complex systems, networks, and artificial intelligence. It brings together attendees ranging from graduate students to senior faculty who span all of the schools across Northwestern, from applied math to sociology to biology and every discipline in-between. Please visit: https://bit.ly/WedatNICO for information on future speakers.
Time
Wednesday, May 20, 2026 at 12:00 PM - 1:00 PM
Location
Lower Level, Chambers Hall Map
Contact
Calendar
Northwestern Institute on Complex Systems (NICO)